TreeHouse Foods, Inc. (THS), a food manufacturer, Thursday reported a slight increase in net income for the first quarter, reflecting higher revenues due to acquisitions and pricing for the quarter. On an adjusted basis, the company reported an increase in earnings per share and exceeded analysts estimates. The firm also affirmed its full-year earnings outlook.
For the three-month period, net income was $23 million or $0.62 per share compared to $22.1 million or $0.60 per share during the corresponding quarter last year.
Excluding restructuring expenses and gain on the mark-to-market adjustment of the Company's commodity agreements, the company reported earnings of $0.74 for the quarter.
On average, sixteen analysts polled by Thomson Reuters expected earnings per share of $0.70 for the quarter. Analysts' estimates typically exclude one-time items.
Net sales for the first quarter totaled $540.1 million compared to $523.8 million last year, an increase of 3.1 percent primarily due to acquisitions of Naturally Fresh and the Aseptic cheese and pudding business from Associated Milk Producers Inc., as well as some minor pricing. Analysts estimated the firm to report revenues of $557.07 million for the quarter.
The company confirmed its earlier guidance of 2013 adjusted earnings per share of $3.00 to $3.10. The Street expects the firm to report earnings of $3.08 per share for the quarter.
In a separate statement, the company announced that its current Senior Vice President and Chief Operating Officer of its operating unit Bay Valley Foods Christopher Sliva has been promoted to Executive Vice President of TreeHouse Foods and President of Bay Valley Foods. Also, Harry Walsh, who served as Executive Vice President of TreeHouse Foods and President of Bay Valley Foods, has been appointed to a newly created role of Executive Vice President, Acquisitions Integration for TreeHouse Foods.
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