B&G Foods Benefits From Deals

By Austen HuffordFeaturesDow Jones Newswires

B&G Foods Inc. said Tuesday recent acquisitions have helped boost the company's latest quarterly results.

The food seller said sales of its Green Giant frozen products increased in the double-digits for the second consecutive quarter, in what the company calls a "very encouraging result in the current environment."

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In late 2015, B&G bought General Mills Inc.'s struggling frozen- and canned-vegetable businesses, Green Giant and Le Sueur, for $765 million.

B&G has invested in the Green Giant brand and said it has seen "very strong retailer acceptance" of new products. In January, the company will roll out a new line of spiralized vegetable products, which can serve as pasta replacements.

Two other deals, for a spice business and Victoria Fine Foods, have also performed ahead of the company's original projections.

Shares, which jumped as much as 8.5% after hours, were flat in recent trading as the company also increased its revenue guidance for the year.

B&G reported a profit of $32.7 million, or 49 cents a share, compared with a profit of $32.4 million, or 50 cents a share, in the same quarter a year before. On an adjusted basis, earnings per share fell 1 cent to 55 cents.

Revenue increased 28% to $408.4 million while revenue not counting deals increased 3.2%.

Analysts polled by Thomson Reuters had expected adjusted earnings per share of 47 cents and $390.9 million in revenue.

The company now expects revenue for the year of $1.66 billion to $1.69 billion, compared with $1.64 billion to $1.67 billion previously.

Write to Austen Hufford at Austen.Hufford@wsj.com

(END) Dow Jones Newswires

October 31, 2017 17:29 ET (21:29 GMT)