US food maker B&G Foods has upped its target for annual EBITDA after seeing sales and earnings increase in the third quarter of 2011.
The company said its EBITDA for fiscal 2011 is expected to be around US$127-129m, up from its previous forecast of $125-128m.
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The improved outlook followed a 7.7% increase in third-quarter EBITDA to $31.1m. B&G also posted a 30.2% jump in net income to $12.1m and a 25.5% increase in adjusted net income to $12.4m, which excluded a gain on an interest rate swap.
The higher earnings came after a 6.3% increase in net sales to $133m.
President and CEO David Wenner said the rise in profit was in part thanks to sales price increases implemented on last month and a positive sales mix.
“We are very pleased that the business continued to produce strong, consistent improvement in net sales, net income, earnings per share and EBITDA in the face of rapidly increasing costs,” he said.
The company also benefited from a contribution of its Don Pepino and Sclafani brands, which were acquired last year, in this year’s third quarter.
