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TreeHouse Foods, Inc. Reports First Quarter 2017 Results
|||First quarter 2017 earnings per fully diluted share improved to $0.49 compared to a loss of $0.06 in 2016|
|||First quarter 2017 adjusted earnings per fully diluted share increased 27% from 2016 to $0.61|
|||First quarter 2017 net sales increased 20.9% compared to last year|
|||The Private Brands acquisition contributed an extra month of results in 2017 compared to 2016|
|||TreeHouse reaffirms full year guidance and issues second quarter earnings per fully diluted share guidance of $0.45 to $0.55|
Oak Brook, IL, May 4, 2017 TreeHouse Foods, Inc. (NYSE: THS) today reported first quarter GAAP earnings per fully diluted share of $0.49 compared to a GAAP loss of $0.06 reported for the first quarter of 2016. The Company reported adjusted earnings per fully diluted share1 for the first quarter of $0.61 compared to adjusted earnings of $0.48 for the first quarter of 2016.
This quarter we took meaningful actions to deliver on our transformation, said Sam K. Reed, Chairman and Chief Executive Officer. We are particularly pleased with the excellent progress we have made toward the integration of Private Brands. Our information technology work is progressing ahead of schedule and will strengthen our ability to support our customers private label growth initiatives. In addition, we completed the closure of two previously announced facilities, and at the end of April we announced the sale of our Soup and Infant Feeding business to Insight Equity.
Our new organizational structure is showing great promise our sales teams delivered volume/mix growth in the first quarter despite the anemic and uneven sentiment across the entire food space, which posted a volume decline of 270 basis points, Mr. Reed said.
The retail landscape is evolving, and consumer buying patterns are shifting from traditional channels to specialized outlets and e-commerce channels. Many of our customers are responding by reinvesting in their corporate brands to offer consumers differentiated and more targeted offerings. Given the breadth and scope of our portfolio, we are uniquely positioned to serve our customers as they build their corporate brands, said Mr. Reed. As we enter the second quarter, we are intensely focused on growing our top line, optimizing our operations, and averting margin compression as we enter an inflationary commodity environment.
|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, May 4, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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