OAK BROOK, Ill., Aug. 3, 2017 /PRNewswire/ -- TreeHouse Foods, Inc. (NYSE: THS) today reported a second quarter GAAP loss per fully diluted share of $0.60 compared to GAAP earnings of $0.33reported for the second quarter of 2016. The Company reported adjusted earnings per fully diluted share1 for the second quarter of $0.51 compared to adjusted earnings of $0.60 for the second quarter of 2016.
"Although we delivered adjusted earnings within the range of our second quarter guidance and we are seeing gross margin improvement, our recovery has been slower than we originally anticipated," said Sam K. Reed, Chairman and Chief Executive Officer. "We continue to make great strides toward completing the integration of the Private Brands business and are pleased to have paid down over $470 million in debt since we closed the acquisition; however, adverse market conditions, pricing lag from commodity cost increases, and operating inefficiencies related to lower than anticipated volumes continued to present challenges in the second quarter."
Highlights
- Second quarter 2017 earnings per fully diluted share decreased to a loss of $0.60 compared to earnings of $0.33 in 2016
- Second quarter 2017 adjusted earnings per fully diluted share at $0.51, was $0.09 below second quarter 2016
- Second quarter 2017 net sales decreased 1.2% compared to the same period last year largely due to the divestiture of the canned soup and infant feeding business ("SIF")
- TreeHouse 2020 restructuring program will target a 300 basis point operating margin improvement by the end of 2020 through a comprehensive program of category and customer portfolio management, as well as manufacturing and supply chain optimization
- TreeHouse revises full year guidance and issues third quarter earnings per fully diluted share guidance of $0.75 to $0.83
