Oak Brook / IL. (thf) TreeHouse Foods Inc. reported financial results for the third quarter of 2023.
«We delivered year-over-year net sales and volume growth in the quarter and outperformed the broader private brand market in the retail channel, particularly in categories where we have depth,» said Steve Oakland, Chairman, Chief Executive Officer, and President. «We’re particularly pleased with the 1 percent unit growth in our core retail business, despite a voluntary product recall and a discrete supply chain disruption late in the quarter. These factors combined with weaker co-manufacturing and food-away-from-home revenues and lower than anticipated consumption in select categories resulted in sales below expectations. Importantly, our TreeHouse team continues to drive supply chain and TMOS initiatives, to improve our network. We expanded adjusted gross margin sequentially by 70 basis points and generated a 13 percent year-over-year increase in adjusted Ebitda from continuing operations, in line with the high end of our guidance. We continue to see the strength of TreeHouse’s strategic positioning as a private brand powerhouse in higher-growth, higher-margin snacking and beverage categories.»
Oakland continued, «Looking ahead, we’re excited at the opportunity to capitalize on the increasing consumer pivot to private brands. We believe the actions our team has taken to strengthen our portfolio and enhance our capabilities, coupled with the reinvestment opportunities for the Seller Note proceeds, position us well to continue creating long-term value for our shareholders.»
For additional information please read the company’s PDF file below (116 KB):
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