Shares of TreeHouse Foods (NYSE:THS) slumped more than 13% after its FQ4 revenue and guidance missed Wall Street’s expectations.
The food processing company posted Q4 earnings per share (EPS) of $0.77, topping the consensus estimates of $0.73. However, its quarterly revenue of $910.8 million fell short of the anticipated $924.39 million.
The company's gross margin stood at 16.7%, also below the expected 18.6%.
Adjusted EBITDA from continuing operations was reported at $108.4 million, slightly above the $107 million estimate.
Looking ahead, Treehouse Foods projects its FY2024 revenue to be between $3.43 billion and $3.5 billion, below the consensus projection of $3.56 billion.
"As we enter 2024, despite a difficult consumer environment in the food and beverage industry, I am confident in the positioning of our business,” said Steve Oakland, Chairman, CEO and President of TreeHouse Foods.
“The continued strength of the private brands market, which saw unit share reach an all-time high of over 20% within our categories during the fourth quarter, illustrates the ongoing importance of our products to both consumers and retailers.”