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TreeHouse Foods Reports Fourth Quarter and Full Year 2023 Results; Steve Oakland Comments

TreeHouse Foods Reports Fourth Quarter and Full Year 2023 Results; Steve Oakland Comments


OAK BROOK, IL
Wednesday, February 21st, 2024

TreeHouse Foods recently announced its latest financial results from the fourth quarter and full year ended December 31, 2023.

Steve Oakland, Chairman, Chief Executive Officer, and President, TreeHouse Foods"TreeHouse Foods made important progress in 2023 to advance our portfolio strategy focused on higher-growth, higher-margin categories, enhance our supply chain capabilities, and improve our service levels," said Steve Oakland, Chairman, Chief Executive Officer, and President. "I want to emphasize that our performance this year is a testament to the dedication and diligence of our entire TreeHouse team, whose efforts enabled the company to deliver on our commitments to both our stakeholders and shareholders."

According to a press release, several highlights from both the fiscal year 2023 results and fourth quarter are as follows:

  • Net sales of $3,431.6 million increased by 4.1 percent versus the prior year
  • Net income from continuing operations of $59 million increased by $68.2 million versus the prior year
  • Fourth quarter results were in line with guidance
  • The company made strong improvements to its leverage profile and balance sheet

"As we enter 2024, despite a difficult consumer environment in the food and beverage industry, I am confident in the positioning of our business. The continued strength of the private brands market, which saw unit share reach an all-time high of over 20 percent within our categories during the fourth quarter, illustrates the ongoing importance of our products to both consumers and retailers,” Oakland continued.

TreeHouse Foods reported impressive fiscal year 2023 results along its fourth quarter financial reportHe went on to note his thoughts regarding the company’s sales growth and what’s up ahead.

“Given this backdrop, we have developed as robust a net sales pipeline as we've had during my tenure. We expect these opportunities should contribute significant net sales growth in the second half of 2024 and beyond. While we expect our first half performance to be constrained by our broth business, we believe we've made the appropriate investments to maintain our path to our long-term targets and strengthen our position as a leading private brands food and beverage supplier in North America,” he concluded.

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