TreeHouse Foods Boosts FY23 Revenue Outlook As Q2 Revenues Tops View

(RTTNews) - While reporting financial results for the second quarter on Monday, food and beverage maker TreeHouse Foods, Inc. (THS) raised its nets sales guidance for the full-year 2023.

For fiscal 2023, the company now projects net sales between $3.71 billion and $3.78 billion, with a sales growth of 7.5 to 9.5 percent, and adjusted EBITDA in the range of $360 million to $370 million.

Previously, the company expected net sales between $3.66 billion and $3.73 billion, with a sales growth of 6 to 8 percent, and adjusted EBITDA in the range of $355 million to $375 million.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.64 per share on revenues of $3.70 billion for the year. Analysts' estimates typically exclude special items.

For the third quarter, the company expects revenue between $950 million and $970 million and adjusted EBITDA in a range of $81 million to $89 million. Analysts expect earnings of $0.55 per share on revenues of $930.12 billion for the quarter.

For the second quarter, the company reported net income of $23.3 million or $0.41 per share, compared to a net loss of $29.4 million or $0.53 per share in the prior-year quarter. Net income from continuing operations was $0.38 per share, compared to a net loss from continuing operations of $0.49 per share last year.

Excluding items, adjusted earnings from continuing operations was $0.42 per share, compared to $0.05 per share in the year-ago quarter.

Net sales for the quarter grew 4.1 percent to $843.6 million from $810.2 million in the same quarter last year, primarily driven by favorable pricing to recover commodity inflation.

The Street was looking for earnings of $0.42 per share on revenues of $831.81 million for the quarter.

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