Private label food and beverage manufacturer TreeHouse Foods Inc. has shared its Q4 financial results from 2021. The results follow last year’s report that the company could be up for sale following strong Q3 results.
"We are encouraged by our solid top-line results and the demand signal which continued to strengthen in the fourth quarter," said Steve Oakland, CEO and president of TreeHouse Foods. "I'm incredibly proud of the resilience and agility of our TreeHouse team. “Our collaboration with our customers to implement pricing to recover inflation and disciplined approach to addressing labor shortages and supply chain disruption across the network position us for improved performance throughout the coming year. As our Board's strategic review continues to progress, we continue to believe there is significant opportunity to drive long-term sustainable growth across private label."
In Q4, TreeHouse reported net sales of $1.16 billion, a 1% decline compared to Q4 2020, which the company said was a result of supply chain disruptions in the past year. The company generated adjusted earnings per diluted share from continuing operations of $0.11 in Q4 2021 compared to $1.07 in Q4 of 2020. Q4 2021 loss per diluted share from continuing operations was $(0.52) compared to earnings per diluted share from continuing operations of $1.29 for the same period in 2020.
"While fourth quarter revenue declined one percent versus 2020, the impact of our pricing actions to recover inflation continued to build, contributing 5.6 percentage points of growth and reflecting the strong communication and collaboration with our customers,” said Bill Kelley EVP and CFO of TreeHouse Foods. “Pricing was offset by lower service levels driven by industry-wide labor and supply chain disruption. Importantly, we are investing in the resiliency of our network to improve staffing, supply chain and operations and we are prepared to recover further inflation, as necessary, through pricing actions and continuous improvement initiatives in 2022.”
In fiscal 2022, the company said it anticipates net sales growth of at least 11% year-over-year, with pricing actions expected to drive the majority of sales growth.