Thursday, Treehouse Foods Inc. (THS) reported a significant surge in profit for the first quarter of fiscal 2009, favored by a decline in operating expenses during the three-month period. The company also raised its earnings outlook for fiscal year 2009.
The Westchester, Illinois-based company posted a first quarter net income of $12.73 million or $0.39 per share, higher than the profit of $2.06 million or $0.07 per share in the year-ago period.
Adjusted earnings, excluding special items was recorded at $0.41 per share for the quarter, compared to $0.34 per share n the same quarter last year.
On average, 5 analysts polled by Thomson Reuters expected the company to earn $0.36 per share for the first quarter. Analysts' estimates typically exclude special items.
Net sales during the quarter totaled $355.40 million, down 1.4% from $360.62 million in the prior-year corresponding period. On a segmental basis, revenues from the company's North American Retail Grocery segment rose 5% to $230.7 million, Food Away From Home segment sales declined 5.9% to $66.8 million, while its Industrial and Export segment sales decreased 17.3% to $70.1 million.
Analysts were anticipating revenues of approximately $363.73 million for the quarter.
Operating expenses decreased to $45.05 million from $58.32 million last year. Selling and distribution costs declined to $25.78 million from $28.66 million, while General and administrative expenses were almost flat year-over-year at $15.77 million.
Other expense was recorded at $0.2 million for the quarter, compared to $10.9 million reported a year ago. The company noted that prior-year's high expenses were due to the initial charge incurred following the company's decision to close its Portland, Oregon pickle plant.
Looking ahead, Treehouse Foods said it is raising its previously issued full year earnings per share outlook from a range of $1.80 to $1.85 to a range of $1.82 to $1.87.
Street analysts currently anticipate earnings of $1.84 per share for 2009.
THS ended Thursday's regular trading at $26.76, down 0.34% or $0.09, on a volume of 498,155 shares on the NYSE.
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