Treehouse Foods, Inc. Reports Consolidated Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Revised Earnings Guidance for 2014
Aug 7 14
TREEHOUSE FOODS, INC. reported consolidated unaudited earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported Net Sales were $627,960,000 compared with $526,346,000 for the same period last year. Operating income was $44,576,000 compared with $40,977,000 for the same period last year. Income before income taxes was $33,740,000 compared with $27,883,000 for the same period last year. Net income was $21,759,000 or $0.57 diluted per share compared with $18,565,000 or $0.50 diluted per share for the same period last year. Adjusted EBITDA was $87,233,000 or $0.84 per share compared with $73,909,000 or $0.65 per share for the same period last year. Net sales for the second quarter increased 19.3%, largely due to sales from acquisitions and favorable volume/mix in each of segments, partially offset by unfavorable foreign exchange.
For the six months, the company Net Sales were $1,246,863,000 compared with $1,066,456,000 for the same period last year. Operating income was $94,875,000 compared with $85,357,000 for the same period last year. Income before income taxes was $53,783,000 compared with $61,237,000 for the same period last year. Net income was $36,081,000 or $0.95 diluted per share compared with $41,539,000 or $1.11 diluted per share for the same period last year. Adjusted EBITDA was $167,823,000 or $1.64 per share compared with $149,914,000 or $1.39 per share for the same period last year. Adjusted EBITDA was higher due to acquisitions and improved volume/mix.
The company raised its full year 2014 adjusted earnings per share guidance by $0.10 to $0.15 to a range of $3.60 to $3.75, reflecting the accretion from the recently completed acquisitions of Flagstone Foods and Protenergy Natural Foods. The 2014 earnings outlook is the Company's best estimates at this time, and is subject to the
finalization of asset valuation work on goodwill and amortization of intangibles.
Treehouse Foods, Inc. Announces Sales Results for the Second Quarter of 2014
Jul 15 14
Treehouse Foods, Inc. announced that preliminary net sales for the second quarter of 2014 are in line with the company's expectations of approximately $625 million, which represents an increase of over 18% from the same period last year. The anticipated increase is primarily due to acquisitions, which should contribute just over 14% of the increase. In addition, preliminary results indicate a positive volume/mix of over 5% for the quarter and a nearly 1% decline resulting from the impact of unfavorable foreign exchange rates.
TreeHouse Foods, Inc. Provides Earnings Guidance for the Full Year of 2014
Jun 30 14
TreeHouse Foods, Inc. provided earnings guidance for the full year of 2014. The company expects the transaction to have roughly $0.05 to $0.08 impact on 2014 earnings and add approximately $0.24 to $0.28 in EPS in the first full year following closing. Following the acquisition, TreeHouse's pro forma annual sales are expected to approach $3.5 billion and adjusted EBITDA should exceed $450 million. The transaction is expected to close during the third quarter of 2014, subject to the satisfaction of customary closing conditions, and is expected to be financed through a combination of borrowings under TreeHouse's existing credit facility and a $325 million equity issuance.