TreeHouse Foods has said that its profits doubled in the second quarter, boosted by higher sales at its retail grocery unit.
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For the three months ended 30 June, TreeHouse said earnings totalled US$18.4m, or $0.58 a share, up from $8.3m, or $0.26 a share, booked during the comparable period of last year.
Sales during the quarter rose to $372.6m, up from $367.4m last year. The US company indicated that sales at its retail grocery segment increased 5.8% to $235.9m, offsetting a 2.1% drop in foodservice sales, which dipped to $75m.
For the six months ended 30 June, earnings per share increased to $0.97, up from $0.33 last year.
“We delivered outstanding results in the second quarter and I am proud of our operating teams. We built upon momentum from the first quarter and continued to generate strong growth and expand margins. Our key categories showed unit sales growth and our initiatives to improve operating margins paid off nicely,” chairman and CEO Sam Reed said.
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By GlobalDataTreeHouse raised its earnings guidance for the full year, from $1.82 to $1.87 in adjusted earnings per share to $2.02 to $2.07 per share.
