US: Acquisition boosts TreeHouse H1 profits
TreeHouse Foods has booked an increase in first-half profits, boosted by sales from its acquisition of Sturm Foods in the first quarter.
For the period to the end of June, net profits reached US$38m compared to $31m in the prior year period.
Operating profits rose to $72m from $55m last year.
Sales reached $843m from $728m in the comparable period of the prior year, driven by the addition of Sturm Foods.
Sam Reed, chairman and CEO, said: "Our legacy businesses posted solid operating performance in the quarter, and we are very pleased with the addition of Sturm Foods. We continued to improve productivity and achieved purchasing savings, driving year over year gross margin improvement of 240 basis points."
Looking forward, the firm upped its 2010 guidance from $2.65 to $2.70 in adjusted earnings per share, to $2.70 to $2.75.
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