US own-label firm TreeHouse Foods has cut its full-year earnings guidance as it announced plans to shut its soup and salad dressing facilities.
TreeHouse this morning (8 August) lowered its full-year adjusted profit outlook to between US$2.75 and $2.90 per share from a previous forecast of between $3 and $3.15 per share.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The company said it plans to shut its Mendota, Illinois soup facility in the first quarter of 2013, with production moving to its Pittsburgh factory. The firm blamed declining soup sales on the decision to close the plant.
TreeHouse will also close its Seaforth, Ontario salad dressing facility in the second quarter of 2013.
In the six months to the end of June, net profit climbed 21.9% to US$41.6m, the company reported today (8 August).
Operating profit increased 10.8% to $86.6m, while net sales reached $1.05bn from $986.1m last year.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataClick here for TreeHouse’s comments on its soup business and the US soup sector from its conference call with analysts.
