TreeHouse Foods Inc. (THS: Quote) reported that its second-quarter net income totaled $19.5 million compared to $14.3 million last year. Earnings per share for the quarter were $0.53 per share compared to $0.39 per share last year.
Excluding unusual items, adjusted earnings per share from continuing operations for the second quarter of 2012 was $0.60 compared to last year's second quarter adjusted earnings per share of $0.43.
The Company's 2012 second quarter results included several unusual items that affected the year-over-year quarterly comparison. These items are comprised of a $0.04 per share expense associated with the acquisition of substantially all of the assets of Naturally Fresh, Inc., a $0.04 per share loss on the mark-to-market adjustment of the Company's commodity agreements, and a $0.01 per share gain on the foreign currency translation of cash held at E.D. Smith.
Net sales for the second quarter totaled $527.4 million compared to $492.6 million last year, an increase of 7.1% as the Company realized the benefits of increased pricing and additional sales from the acquisition of Naturally Fresh.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.58 per share on revenues of $533.42 million for the quarter. Analysts' estimates typically exclude special items.
For fiscal 2012, the company now expect full year sales to be approximately $2.2 billion, which includes the sales from the addition of Naturally Fresh earlier this year, and represents growth of nearly 8% over 2011. While announcing the first-quarter result, the company had expected 2012 revenue growth slightly below its original guidance of 8%-9%.
The company lowered its 2012 adjusted earnings per share guidance to $2.75 to $2.90 due to lower soup revenue expectations. Previously, the company had expected 2012 adjusted earnings per share of $3.00 to $3.15.
Analysts expect the company to report earnings of $3.08 per share on revenues of $2.23 billion for fiscal 2012.
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by RTT Staff Writer
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