TreeHouse Foods, Inc. Delivers Second Quarter 2019 Adjusted Earnings Per Diluted Share of $0.36
Second quarter 2019 loss per diluted share was $(3.05) compared to a loss per diluted share of $(0.35) for the same period in 2018.
Second quarter 2019 adjusted earnings per diluted share was $0.36, $0.01 above the top end of the Company's guidance range and $(0.02) below second quarter 2018.
TreeHouse issued full year 2019 guidance for adjusted earnings per diluted share from continuing operations of $2.33 to $2.63 and Q3 adjusted earnings per diluted share from continuing operations of $0.52 to $0.62.
TreeHouse accomplishes the majority of Portfolio Optimization efforts originally announced at December 2018 Investor Day, following today’s expected closing of the sale of the Snack Nuts and Trail Mix business to Atlas Holdings and the pending Ready-to-eat ("RTE") Cereal business sale transaction to Post Holdings, Inc.
Oak Brook, IL, August 1, 2019 — TreeHouse Foods, Inc. (NYSE: THS) today reported second quarter GAAP loss per diluted share of $(3.05) compared to a GAAP loss of $(0.35) reported for the second quarter of 2018. The Company reported adjusted earnings per diluted share1 of $0.36 in the second quarter of 2019 compared to adjusted earnings per share of $0.38 for the second quarter of 2018.
“I’m pleased that our second quarter adjusted earnings per share of $0.36 came in slightly above the upper end of our guidance range, although revenue of $1.25 billion was slightly short of our expectations,” said Steve Oakland, Chief Executive Officer and President. "The TreeHouse organization continues to embrace our four-point enterprise strategy and drive good progress. Our Operational Excellence initiatives are resulting in sequential margin improvement and supply chain savings. We believe that the launch of our new customer-centric Commercial Excellence organization will begin to bear fruit in 2020 as we provide strategic thought leadership, network scale advantage and support our customers’ strategic growth plans. We’ve engaged our People and Talent by introducing our new values. Lastly, we brought resolution around the majority of our Portfolio Optimization initiatives - the sale of our snack nuts and trail mix business to Atlas Holdings and the sale of the RTE Cereal business to Post Holdings. We believe these divestitures will greatly sharpen our focus on our core categories and enhance the long-term profitability and margin profile of our company.”
“Our second quarter results continued to show improvement,” said Matthew Foulston, EVP and Chief Financial Officer. “Adjusted EBIT margin2 in the second quarter was 4.3% representing a 50 basis point improvement versus the prior year and 170 basis points sequentially, a direct result of our operational excellence efforts. While top line improvement is slower than anticipated due to volume loss across Baked Goods, Beverages and Meal Solutions, we are moving the organization forward with our service levels now consistently above 98% across the entire organization.
The following information was filed by Treehouse Foods, Inc. (THS) on Thursday, August 1, 2019 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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Ticker: THS CIK: 1320695 Form Type:10-Q Quarterly Report Accession Number: 0001320695-19-000137 Submitted to the SEC: Thu Aug 01 2019 12:32:35 PM EST Accepted by the SEC: Thu Aug 01 2019 Period: Sunday, June 30, 2019 Industry: Canned Frozen And Preservd Fruit Veg And Food Specialties