Oak Brook / IL. (thf) TreeHouse Foods Inc. reported second quarter GAAP loss per diluted share from continuing operations of USD (0.05) compared to USD (0.89) for the second quarter of 2019. Adjusted earnings per diluted share from continuing operations were USD 0.58 in the second quarter of 2020 compared to USD 0.40 in the second quarter of 2019.
«Our priority continues to be the health, safety and welfare of our employees, and we owe them our thanks as they’ve continued to demonstrate resilience and dedication, working tirelessly to fulfill increased demand and service our customers,» said Steve Oakland, Chief Executive Officer and President. «I’m pleased with our strong performance in the second quarter, as we delivered bottom line results of USD 0.58, which was above our expectations. Our business transformation and strategic reorganization to two divisions enabled us to increase production to meet higher demand and capture operational efficiencies.»
Bill Kelley, EVP and Chief Financial Officer, said: «Our operational and commercial teams continue to work well together to service our retail customers and meet the higher demand for food at home, which drove organic net sales growth of 3.7 percent in the second quarter. Our conscious decision to keep our employees safe and healthy by limiting production at plants located in regions most heavily impacted by Covid-19 resulted in revenue for the quarter just below our guidance range. Solid productivity gains throughout our network of manufacturing and distribution facilities enabled us to deliver second quarter adjusted gross profit1 of 20.1 percent, 120 basis points higher than last year. I commend our team on an outstanding performance in a difficult time.»
TreeHouse raised its full year 2020 guidance to USD 2.55 to USD 2.75 for adjusted earnings per diluted share from continuing operations. The Company anticipates net sales for the year and free cash flow to be at the upper end of its original guidance ranges of USD 4.10 to USD 4.40 billion and USD 250 to USD 300 million, respectively, again noting that there exists uncertainty around the nature, timing and magnitude of changes in future sales and earnings attributable to the spread of Covid-19 in North America.
For additional information please read the Company’s PDF file below (310 KB):
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