B&G Foods, Inc. (NYSE: BGS) and its subsidiaries manufacture, sell and distribute a diversified portfolio of high-quality, shelf-stable foods across the United States, Canada and Puerto Rico. The company announced the first quarter financial result on Thursday after market close. Stock price jumped up 18.14% to $39.53 on Friday morning.
According to the earnings announcement, Net sales increased approximately 62.6% from $217.12 million last year to $353.0 million this quarter. Net income increased 69.7% to $33.2 million compared with $19.6 million last year. Diluted earnings per share increased 55.6% to $0.56 from $0.36 the same quarter last year.
“The first quarter was extremely positive on many levels, particularly with respect to B&G Foods’ profitability, and as a result we have increased our 2016 guidance for net sales, adjusted EBITDA and adjusted diluted earnings per share. To date, our acquisition of Green Giant is turning out to be even more profitable than initially anticipated, a major driver of our favorable results in the first quarter. The Green Giant transition is well under way and on schedule and the Green Giant innovation pipeline is growing. We are more excited than ever about bringing Green Giant back to prominence and I believe we have the plan and the team to make that happen,” said Robert C. Cantwell, President and Chief Executive Officer of B&G Foods.
B&G Foods reported strong guidance that net sales outlook increased to a range of $1.39 billion to $1.42 billion. Adjusted diluted earnings per share outlook increased to a range of $2.05 to $2.15 which is much higher than analyst’s expectation of $1.95.