Exhibit 99.1

 

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NEWS RELEASE

 

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TreeHouse Foods, Inc. Reports Fourth Quarter 2016 Results

and Provides Outlook for 2017

HIGHLIGHTS

 

  Net sales in the fourth quarter were $1.8 billion, a 105.3% increase from the fourth quarter of 2015

 

  Retail volume/mix increased 2.9% compared to the fourth quarter of 2015

 

  TreeHouse recorded a goodwill and intangible asset impairment of $352 million, or $6.19 per share, primarily related to the Retail Flagstone reporting unit

 

  Fourth quarter loss per fully diluted share was $4.96, compared to earnings of $0.85 in the fourth quarter of 2015

 

  Fourth quarter adjusted earnings per fully diluted share was $1.14, compared to adjusted earnings of $1.08 in the fourth quarter of 2015

Oak Brook, IL, February 9, 2017 — TreeHouse Foods, Inc. (NYSE: THS) today reported fourth quarter GAAP loss per fully diluted share of $4.96 compared to earnings of $0.85 reported for the fourth quarter of last year. The Company reported adjusted earnings per fully diluted share

1 in the fourth quarter of $1.14 compared to earnings of $1.08 for the fourth quarter of last year.

“Following a third quarter where we fell short on both internal and external expectations, we accomplished a great deal in the fourth quarter and are pleased with where we finished the year,” said Sam K. Reed, Chairman and Chief Executive Officer. “We delivered volume growth in the base business, with North American Retail Grocery volume/mix up 2.9% in the fourth quarter. Our integration of Private Brands is progressing well and according to our plan. In fact, Private Brands gross margin improved to its highest level since we closed the transaction last February.”

“In early 2017, the Company reorganized to a five division structure – Baked Goods, Beverages, Condiments, Meals and Snacks,” he continued. “We believe we will have established a solid foundation for future growth and stability and we remain committed to carrying out on our promise of transformation and delivering shareholder value. As we enter 2017, year two of this transformative journey, our long-term strategy, business plans, functional initiatives, and financial targets have been formulated to make good on these commitments.”

“The breadth and depth of our product offering in private label food and beverage is unparalleled in the industry, and that puts us in a unique position to serve our customers in ways that cannot be easily replicated by the competition,” Mr. Reed continued. “We remain dedicated to our private label enterprise as we support our customers’ corporate brand initiatives, while offering consumers the best balance of both quality and cost.”

 

1  Adjusted earnings per fully diluted share is a non-GAAP financial measure. See “Comparison of Adjusted Information to GAAP Information” below for the definition of adjusted earnings per fully diluted share, information concerning certain items affecting comparability, and a reconciliation of adjusted earnings per fully diluted share to earnings per fully diluted share, the most comparable GAAP financial measures.


The following information was filed by Treehouse Foods, Inc. (THS) on Thursday, February 9, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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