US own-label firm TreeHouse Foods said it has recorded its best-ever first-quarter earnings, with gross margin up and sales growing.
In the three months to the end of March, net income reached US$23m from $22.1m last year, the company reported today (9 May). The firm recorded gross margin of 22.2%, a 30 basis point improvement on last year.
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EBITDA was up 9.5% to $76.8m, primarily due to improved margins and lower distribution costs resulting from both network efficiencies and lower freight rates.
Net sales for the first quarter totalled $540.1m compared to $523.8m last year, driven by its acquisitions of Naturally Fresh and the Aseptic cheese and pudding business from Associated Milk Producers, in addition to price increases.
