B&G Foods Q1 Profit Declines

(RTTNews) - B&G Foods Inc. (BGS) Wednesday reported first-quarter net income of $17.8 million or $0.33 per share, compared to $19.6 million or $0.37 per share in the same period last year.

Adjusted earnings for the quarter were $18.2 million or $0.34 per share, down from $19.6 million or $0.37 per share in the prior year quarter. On average, five analysts polled by Thomson Reuters expected the company to earn $0.38 per share for the quarter. Analysts' estimates typically exclude special items.

Sales increased 15.7 percent to $198.14 million from $171.19 million last year. Analysts expected revenues of $203.78 million.

B&G Foods also set its adjusted earnings per share guidance for fiscal 2014 at a range of $1.59 to $1.65. Analysts currently expect earnings of $1.58 per share.