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TreeHouse Foods Releases Third Quarter 2023 Results; Steve Oakland Comments

TreeHouse Foods Releases Third Quarter 2023 Results; Steve Oakland Comments

Monday, November 6th, 2023

The latest financial insights from TreeHouse Foods have arrived as the brand reports its financial results for quarter three of 2023.

Steve Oakland, Chairman, Chief Executive Officer, and President, TreeHouse Foods"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."

Among the gains reported in TreeHouse's latest release include a 3.6 percent increase in net sales for the third quarter of 2023, which totaled $863.3 million compared to $832.9 million for the same period last year. This represents an increase of $30.4 million.

TreeHouse Foods revealed a 3.6 percent increase in net sales for its Q3 2023, which represented a $30.4 million gain from last year

As a press release stated, the net sales increase was primarily driven by the acquisition of the Coffee Roasting Capability, favorable pricing to recover commodity inflation, and an increase in retail volume.

“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," added Oakland.

TreeHouse also highlighted several other areas of growth:

  • Net income from continuing operations was $9.8 million compared to net loss from continuing operations of $(12.0) million in the prior year
  • Adjusted EBITDA from continuing operations of $89.9 million increased by $10.3 million versus the prior year
  • Delivered 1 percent case unit growth in the core retail business (excluding acquisitions)
  • Updated its full-year adjusted net sales outlook to $3,435 to $3,465 million reflecting the Snack Bars business sale, the ongoing impact of a voluntary recall, and the continuation of current consumer demand trends

"Looking ahead, we're excited at the opportunity to capitalize on the increasing consumer pivot to private brands,” Oakland continued. "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."

To view the report in full, click here.

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TreeHouse Foods