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B & G Foods Reports Strong Net Sales for First Quarter 2021 bgfoods.com/investor-relations/article/14086/ Net Sales Increased 12.4 % for First Quarter 2021 PARSIPPANY , N.J .-- ( BUSINESS WIRE ) -- May 11 , 2021-- B & G Foods , Inc. ( NYSE : BGS ) today announced financial results for the first quarter of 2021 . Executive Summary ( vs. First Quarter of 2020 where applicable ) : • Net sales increased 12.4 % to $ 505.1 million , driven by the Crisco acquisition and continued strong base business net sales • Diluted earnings per share decreased 6.8 % to $ 0.41 Adjusted diluted earnings per share¹ increased 13.0 % to $ 0.52 • Net income decreased 4.3 % to $ 26.9 million Adjusted net income¹ increased 16.7 % to $ 34.1 million Adjusted EBITDA¹ increased 15.2 % to $ 92.9 million Adjusted EBITDA before COVID - 19 expenses¹ increased 18.5 % to $ 95.8 million • Net sales guidance reaffirmed at a range of $ 2.05 billion to $ 2.10 billion Commenting on the results , David L. Wenner , Interim President and Chief Executive Officer of B & G Foods , stated , " Overall , the first quarter of 2021 played out much as we expected , with substantial net sales gains for the first ten weeks of the quarter and then tough comparisons in the last few . The last two weeks of the first quarter of 2020 essentially saw four weeks of normal sales volume compressed into two as COVID - driven panic buying commenced . In total for the first quarter of 2021 , we achieved record first quarter net sales of $ 505.1 million , a 12.4 % increase from the first quarter of 2020. Base business net sales , which excludes the Crisco acquisition completed last December , were virtually flat versus first quarter 2020. U.S. base business net sales were up 2.5 % while international base business net sales - predominantly Canada - brought overall base business net sales to a slight negative . Despite the tough comparisons and supply chain constraints for certain of our brands , most notably Green Giant canned products , our net sales across our portfolio remained strong as compared to 2019 , especially in areas such as baking and spices & seasonings . Foodservice net sales strengthened as well , helping overall performance . Although demand for our brands remains strong , we expect our base business net sales for the second quarter to trend much closer to our 2019 net sales than our 2020 net sales , given the extraordinary demand in last year's second quarter at the height of the pandemic . " Mr. Wenner continued , " The first quarter was our first full quarter of ownership of the Crisco brand and we were very pleased with its performance . At $ 58.1 million in net sales it is tracking to our expectations , and margins were accretive to our overall results . We do face temporary cost challenges with the brand , as the cost of oils used in the products has more than doubled since this time last year . But we view these very high levels as an 1/17