Exhibit 99.1

 

 

 

NEWS RELEASE

 

 

 

 

    Contact:

Investor Relations

 

 

708.483.1300 Ext 1331            

 

TreeHouse Foods, Inc. Delivers Second Quarter 2018 Results Above Company Expectations

and Tightens Full Year Guidance Range

 

HIGHLIGHTS

 

Second quarter 2018 loss per fully diluted share was $(0.36) compared to a loss of $(0.60) for the same period in 2017.

 

Second quarter 2018 adjusted earnings per fully diluted share was $0.37, $(0.14) below second quarter 2017.

 

Second quarter 2018 net sales decreased (4.4)% compared to the same period last year.

 

Second quarter 2018 net sales increased 0.9% compared to the same period last year, excluding the impact of the Soup and Infant Feeding (“SIF”) divestiture (1.1)% and SKU rationalization (4.2)%.

 

TreeHouse tightens 2018 guidance range for adjusted earnings per fully diluted share of $2.05 to $2.35.

 

Oak Brook, IL, August 2, 2018 — TreeHouse Foods, Inc. (NYSE: THS) today reported second quarter GAAP loss per fully diluted share of $(0.36) compared to a GAAP loss of $(0.60) reported for the second quarter of 2017. The Company reported adjusted earnings per fully diluted share

1 of $0.37 in the second quarter of 2018 compared to adjusted earnings of $0.51 for the second quarter of 2017.

 

“I’m pleased with our results this period as we continued to deliver upon our financial commitments,” said Steve Oakland, Chief Executive Officer and President. “Having spent the last few months listening to our customers, getting to know our employees and visiting our plant and warehouse locations, I am very encouraged by the effort and dedication our organization is putting forth to support TreeHouse 2020. I continue to be excited about the private label opportunity and confident that these programs are the right initiatives to improve the long-term health of the Company.”

 

“We delivered second quarter earnings above our expectations.  Sales grew 0.9% year over year, excluding the impact of the sale of Soup and Infant Feeding and the SKU rationalization. We were particularly pleased with pricing realization of 1.3% in the quarter, as our teams worked hard to recover freight and commodity inflation,” said Matthew Foulston, EVP and Chief Financial Officer. “Operating income was above our expectations, primarily reflecting lower SG&A expense related to our Structure to Win initiative. We also benefited from a lower than anticipated tax rate in the quarter, driven primarily by legislation enacted in certain jurisdictions that reduced our state income tax expense.”

 

 

 

 

 

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, August 2, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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