Income for TreeHouse Foods down 11% in quarter
August 05, 2008
by FoodBusinessNews.net Staff
WESTCHESTER, ILL. — Net income for TreeHouse Foods, Inc. was negatively impacted in the second quarter as the result of the closing of a pickle plant and integration costs associated with an acquisition.
For the quarter ended June 30, the company posted net income of $8,292,000, equal to 27c per share on the common stock, down 11% from $9,362,000, or 30c per share, during the same quarter of the previous year.
Net sales for the quarter were $367,369,000, up 43% from $256,031,000 during the same quarter of the previous year.
"Our top-line performance was very good as many of our key products showed strong year-over-year growth in both dollars and units," said Sam K. Reed, chairman of the board and chief executive officer. "As expected, our margins were negatively affected by rising commodity and energy costs, but pricing plans were put into place during the second quarter that will help to drive margin growth over the second half of the year. We were especially pleased with the results from our new E.D. Smith acquisition, where sales volume grew by 7% from last year."
For the six months ended June 30, the company posted net income of $10,353,000, or 33c per share, down 38% from $16,776,000, or 54c per share, during the same period of the previous year. Sales for the six months were $727,992,000, up 41% from $515,015,000 during the same period of the previous year.