US-based TreeHouse Foods chief Sam Reed said the company’s second-quarter results were at the “high end” of its expectations.
Reed was speaking as the jam-to-pickle maker posted a 12.4% increase in net earnings thanks to the first full quarter from its soup and infant feeding business, as well as improved margins.
Reed said: “We showed good progress in margin improvement and expect that quarter over quarter progress will continue over the balance of the year despite the ongoing pressures of our key input costs.”
Net sales for the second quarter rose 10.3% due to a series of acquisitions, including the soup and infant feeding business, San Antonio Farms and DeGraffenreid.
TreeHouse’s most recently agreed to buy Canada-based jam-to-ketchup firm E.D. Smith, which also announced yesterday (2 August) that a special meeting of unitholders to approve the deal has been postponed until 27 September.
TreeHouse said the meeting has been pushed back for “tax matters”. The company added that it did not expect the postponement would result in a “meaningful delay” to the deal.