A lift was reported in TreeHouse Foods’ newest financial release. The company noted net sales increased by 15.8 percent compared to the first quarter of 2022, reaching $894.8 million in Q1 2023.
“We see a long runway for growth at TreeHouse as we invest in opportunities to build capabilities around our strategic pillars—world-class supply chain, category leadership, strategic customer partnerships, and talent leader,” said Steve Oakland, Chairman, Chief Executive Officer, and President. “We are off to a strong start in 2023, as we are benefiting from the actions we took to focus our portfolio on faster-growing, higher-margin private label snacking, and beverage categories. We are pleased with our team’s efforts that helped drive revenue and profit above our guidance range for the quarter.”
In the report, the company noted it hit its previously issued full year 2023 guidance, such as:
For the remainder of the year, TreeHouse anticipates revenue for the first half of the year to be $1.705–$1.735 billion, which represents growth of 7.7–9.6 percent.
“Along with our team’s continued focus on better execution, our first quarter revenue growth of 15.8 percent reflects our pricing actions to recover inflation and earlier than planned fulfillment of certain customer orders,” Patrick O’Donnell, Executive Vice President and Chief Financial Officer, said. “We are also encouraged by our significant year-over-year progress in profitability in the first quarter. Although the macro environment remains dynamic, we saw greater improvement across the supply chain, which enabled us to strengthen service and better meet increased customer demand. Our expectations for our first half performance give us confidence in our ability to achieve our 2023 guidance.”
For more information, click here.
DMN will keep an eye on the wire for the latest in the industry.
