TreeHouse Foods Q1 Profit Falls, Adj. Earnings Top Estimates; Backs FY View

(RTTNews) - TreeHouse Foods, Inc. (THS) Thursday reported first-quarter net income of $14.32 million or $0.38 per share, down from $22.97 million or $0.62 per share in the prior year.

Excluding items, adjusted earnings were $0.80 per share, while the company posted $0.74 per share last year.

On average, 15 analysts polled by Thomson Reuters expected the company to earn $0.79 per share for the quarter. Analysts' estimates typically exclude special items.

During the recent quarter, the company recorded a loss on extinguishment of debt totaling $16.69 million.

The food manufacturer said its net sales for the quarter grew 14.6% to $618.90 million from $540.11 million a year ago, driven by acquisitions. Analysts estimated revenues of $617.01 million for the quarter.

The company reaffirmed its full-year 2014 guidance of adjusted earnings per share in the range of $3.50 to $3.60. Street analysts expect the company to report earnings of $3.59 per share for the year.

TreeHouse also said it has entered into new $1.2 billion credit facility consisting of $900 million revolving credit facility and $300 million term loan.