B&G Foods Inc. (BGS) posted first-quarter GAAP net income of $19.6 million or $0.37 per share, compared to $16.8 million or $0.35 per share in the previous year period.
Net sales for the latest first quarter increased 8.8% to $171.19 million from $157.34 million in the comparable quarter last year. Net sales of the New York Style and Old London brands, which B&G Foods acquired at the end of October 2012, contributed $11.3 million to the overall increase. Net sales from the base business increased $2.6 million, or 1.6%, of which $2.5 million was attributable to a unit volume increase and $0.1 million was attributable to net price increases.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.37 per share on revenues of $170.31 million for the quarter. Analysts' estimates typically exclude special items.
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