TreeHouse Foods: Reports Q1-2021 Results

Oak Brook / IL. (thf) TreeHouse Foods Inc. reported first quarter GAAP earnings per diluted share from continuing operations of USD 0.01 compared to a loss of USD (0.58) for the first quarter of 2020. Adjusted earnings per diluted share from continuing operations was USD 0.36 in the first quarter of 2021 compared to USD 0.37 in the first quarter of 2020.

«I’m proud of the underlying strength in our business that is reflected in our first quarter results, as revenue across most of our growth categories continued to outpace the rest of private label, while delivering strong profitability,» said Steve Oakland, Chief Executive Officer and President. «Our results demonstrate ongoing progress on our strategic journey to build a company with long-term sustainable growth. We remain focused on improving our operational and commercial platforms, optimizing our portfolio and investing in people and talent to create value for our customers as their preferred manufacturing and distribution partner.»

«We posted a strong start to the year, even as we lapped the unprecedented pantry stocking event last spring related to the pandemic,» said Bill Kelley, EVP and Chief Financial Officer. «Importantly, we delivered adjusted gross profit margin1 of 18.1 percent and adjusted EPS of USD 0.36 in the face of increased inflationary pressures and weather-related disruption. In addition to delivering strong profitability, we improved our capital structure with the full redemption of our 6.000 percent notes due in 2024 and the refinancing of our credit facility. The enhanced strength of our balance sheet and our strong free cash flow will enable us to continue to execute a balanced capital allocation approach – focusing on investing to drive organic growth and returning capital to shareholders.»

TreeHouse reaffirmed its full year 2021 guidance ranges for adjusted earnings per diluted share from continuing operations of USD 2.80 to USD 3.20 and reported net sales between USD 4.40 to USD 4.60 billion.

«The enhancements we have made to strengthen our business and improve our operating performance, combined with our commitment to excellent service and focus on our customers are critical as we navigate today’s inflationary environment and continued pandemic-related uncertainty,» Mr. Oakland continued. «As we make investments in our capabilities and adapt our supply chain to build greater depth in our growth categories, we are confident we will further capitalize on our leading portfolio of private label foods and beverages to drive greater value for all of our stakeholders.»

For additional information please read the Company’s PDF file below (80 KB):