Exhibit 99.1

 

 

 

NEWS RELEASE

 

 

 

 

    Contact:

Investor Relations

 

 

708.483.1300 Ext 1331            

 

TreeHouse Foods, Inc. Reports Third Quarter 2017 Results, Revises Full Year Guidance and

Announces a $400 Million Share Repurchase

HIGHLIGHTS

 

Third quarter 2017 earnings per fully diluted share decreased to $0.50 compared to earnings of $0.65 in 2016

 

Third quarter 2017 adjusted earnings per fully diluted share was $0.67, $0.03 below third quarter 2016

 

Third quarter 2017 net sales decreased 2.4% compared to the same period last year, more than explained by disposition-related decreases of 2.9%

 

TreeHouse lowers full year guidance and issues fourth quarter earnings per fully diluted share guidance of $0.91 to $1.01

 

TreeHouse announces $400 million share repurchase authorization representing approximately 10% of shares outstanding

 

Oak Brook, IL, November 2, 2017 — TreeHouse Foods, Inc. (NYSE: THS) today reported third quarter GAAP earnings per fully diluted share of $0.50 compared to GAAP earnings of $0.65 reported for the third quarter of 2016. The Company reported adjusted earnings per fully diluted share

1 for the third quarter of $0.67 compared to adjusted earnings of $0.70 for the third quarter of 2016.

 

“We are disappointed that third quarter results came in below our expectations. Aggregate sales were relatively flat excluding the soup divestiture and operations struggled as we faced further unanticipated volume pressure, increased manufacturing complexity, and retail bid pricing compression in several segments. While our actions around TreeHouse 2020 are progressing according to schedule, we believe it is necessary to take incremental steps to improve our competitive position, including enhancing our revenue and margin management capabilities and a comprehensive review of selling, general, and administrative costs,” said Sam K. Reed, Chairman and Chief Executive Officer.

 

“Despite the challenges, we continue to generate strong cash flow and today are pleased to announce a $400 million share repurchase program,” Mr. Reed continued.

 

Matthew Foulston, Chief Financial Officer of TreeHouse, continued, “In the third quarter, continued weakness in our operating earnings was only partially offset by greater expense control, reduced variable incentive compensation, and favorable taxes. We must intensely focus the company on a back-to-basics strategy that improves our cost structure, enhances service levels, and advances our commercialization capabilities.”

 

 

 

 

 

 

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 measure.

 


The following information was filed by Treehouse Foods, Inc. (THS) on Thursday, November 2, 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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