TreeHouse reports second-quarter loss
Oak Brook, Ill.-based TreeHouse Foods reported a loss of $171.8 million in its second quarter and a loss of $3.05 per share. Earnings, adjusted for one-time gains and costs, were 36 cents per share compared to $0.38 for the second quarter of 2018.
"I'm pleased that our second-quarter adjusted earnings per share of $0.36 came in slightly above the upper end of our guidance range, although revenue of $1.25 billion was slightly short of our expectations," said Steve Oakland, CEO and president.
Oakland said the company, which specializes in producing private brands packaged foods and beverages, is progressing and that its operational excellence initiatives are resulting in “sequential margin improvement and supply chain savings.”
Oakland also cited the company’s recent sales of its snack nuts and trail mix business to Atlas Holdings, as well as the sale of its ready-to-eat cereal business to Post Holdings as divestitures that will “greatly sharpen our focus on our core categories and enhance the long-term profitability and margin profile of our company." Last week, however, TreeHouse Foods said the Federal Trade Commission had delayed the closing of the sale of the cereal business to Post Holdings.