B&G Foods, Inc. (NYSE: BGS) broke skyward, after the company posted upbeat Q3 results and raised its FY17 sales outlook.
Net sales were $408.4 million, an increase of 28.3%. Net income was $32.7 million, an increase of 1.0%.
Moreover, Guidance for full-year fiscal 2017 features net sales range increasing to $1.660 billion to $1.685 billion. The company’s adjusted EBITDA range is reaffirmed at $352.5 million to $367.5 million. Adjusted diluted earnings per share range reaffirmed at $2.03 to $2.17
CEO Robert Cantwell said, "We are pleased to report strong growth in net sales, base business net sales and adjusted EBITDA for the third quarter of 2017. We generated $408.4 million in net sales for the quarter, an increase of 28.3%. This includes an increase of 3.2% in base business net sales despite a challenging backdrop in the packaged foods industry.
"We also benefited from approximately $80.1 million of net sales from the spices & seasonings and Victoria businesses that we recently acquired, both of which are tracking ahead of our original projections. We completed the Back to Nature acquisition at the beginning of October, and we expect that brand to be a valuable piece of our portfolio and growth strategy.”
Net sales increased across half of the Company’s brands, led by Green Giant which increased by $7.3 million for the third quarter. Green Giant frozen products increased by $11.6 million, driven by the brand’s new innovation products.
Shares hoisted $4.10, or 12.9%, to $35.90, in the last hour of trading Wednesday.
