TreeHouse Foods has said it expects to report a 15% rise in first-quarter sales, boosted by acquisitions and the contribution from higher volumes and sales mix.
The US company said sales are estimated to have risen 14.6% to a “better than expected” US$619m in the three months to the end of March. North American grocery retail sales gained 17.2%.
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Growth more than offset the impact of lower than anticipated Canadian exchange rates and deferred manufacturing costs, TreeHouse said. Adjusted earnings per share is expected to fall in a range of $0.77-0.80 in the period.
Looking to the full year, TreeHouse reiterated its outlook for 10-13% EPS growth, with is expected to fall in a range of $3.50-3.60 per share.
In a separate announcement, TreeHouse revealed it has entered into a deal to acquire Canadian soup and broth manufacturer Protenergy Natural Foods. The acquisition, which is expected to close in the back half of the year, is expected to add a further $0.05-0.07 to EPS.
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