OAK BROOK, Ill. - TreeHouse Foods, Inc. (NYSE:THS) reported better-than-expected second quarter results on Monday, as the private label food manufacturer saw improved sales trends and executed on supply chain initiatives.
TreeHouse posted adjusted earnings per share of $0.29, surpassing the analyst consensus of $0.13. Revenue came in at $788.5 million, above estimates of $783.5 million but down 1.9% YoY.
The company said net sales exceeded the midpoint of its guidance range, while adjusted EBITDA of $70.6 million topped its outlook of $55-65 million.
"I'm pleased with our second quarter performance, which included sequentially improved net sales trends and profit that exceeded the upper-end of our guidance," said CEO Steve Oakland.
TreeHouse reaffirmed its full-year 2024 outlook for net sales of $3.43-3.50 billion and free cash flow of at least $130 million. It narrowed its adjusted EBITDA guidance to $360-380 million.
The company expects volume growth to begin in the third quarter, driven by new distribution wins and a return to normal service levels in its broth business ahead of peak season.
TreeHouse repurchased approximately $45 million of shares during the quarter. Its stock rose 1.3% in pre-market trading following the results.
For Q3, TreeHouse projects revenue of $865-895 million and adjusted EBITDA of $98-108 million.
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