Exhibit 99.1

 

 

 

NEWS RELEASE

 

 

 

 

    Contact:

Investor Relations

 

 

708.483.1300 Ext 1331            

 

TreeHouse Foods, Inc. Reports Fourth Quarter 2017 Results, Provides 2018 Guidance;

Company Announces SG&A Reduction Target of $30 Million in 2018; $55 Million Run Rate Expected at the end of 2018

HIGHLIGHTS

 

Fourth quarter 2017 loss per fully diluted share increased to $(5.40) compared to a loss of $(4.96) for the same period in 2016

 

Included in the loss were Snacks segment goodwill and intangible asset impairment charges of $549.7 million ($9.57 per fully diluted share) and the $106.8 million revaluation of deferred tax liabilities, driven by tax reform

 

Fourth quarter 2017 adjusted earnings per fully diluted share was $1.02, $(0.12) below fourth quarter 2016

 

Fourth quarter 2017 net sales decreased (4.3)% compared to the same period last year, more than explained by divestiture related decreases; excluding the divestiture, net sales increased 2.4%

 

TreeHouse provides 2018 guidance range for earnings per fully diluted share of $2.00 to $2.40

 

The Company delivered free cash flow of $320 million in 2017

Oak Brook, IL, February 15, 2018 — TreeHouse Foods, Inc. (NYSE: THS) today reported fourth quarter GAAP loss per fully diluted share of $(5.40) compared to GAAP loss of $(4.96) reported for the fourth quarter of 2016. The Company reported adjusted earnings per fully diluted share

1 for the fourth quarter of $1.02 compared to adjusted earnings of $1.14 for the fourth quarter of 2016.

“Our cash flow delivery continues to be robust, and although our fourth quarter earnings were in line with our expectations, our operational results were disappointing,” said Sam K. Reed, Chairman, Chief Executive Officer, and President. “We are well positioned within the private label marketplace; however, it is imperative that we build a more effective and efficient foundation for private label customer engagement. Our infrastructure is unrivaled in our sector, and we continue to see opportunity to, over time, achieve consistent organic growth and margin expansion in parallel.”

“We are on track and committed to our TreeHouse 2020 restructuring program, whereby simplification continues to be the fundamental tenet in our recovery process. As we realign the Company to meet the demands of today’s evolving food and beverage landscape, we must narrow our strategic focus to those categories and customers that value organic growth, market segmentation, product differentiation, service capability, and economies of scale,” Mr. Reed concluded.

Matthew Foulston, Chief Financial Officer of TreeHouse, continued, “Sales growth in the quarter was solid, up 2.4% excluding the impact of the divestiture of the Soup and Infant Feeding business, and driven by favorable volume/mix and pricing. Segment direct operating income, however, was once again disappointing, and we relied on SG&A expense control and tax favorability to offset these shortfalls. That said, we are pleased to have generated strong free cash flow2 of $320 million in 2017.”

 

 

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.

2 

Free cash flow is a Non-GAAP financial measure. See “Comparison of Adjusted Information to GAAP Information” below for the definition of free cash flow, information concerning certain items affecting comparability, and a reconciliation of free cash flow to operating cash flow, the most comparable GAAP financial measure.



The following information was filed by Treehouse Foods, Inc. (THS) on Thursday, February 15, 2018 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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