TreeHouse Foods Q2 Profit Decreases - Quick Facts

(RTTNews) - TreeHouse Foods Inc. (THS) reported second-quarter net income of $18.57 million or $0.50 per share, compared to $19.51 million or $0.53 per share, last year. Adjusted profit per share was $0.65 for the quarter.

On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $0.63 for the quarter. Analytsts' estimates typically exclude special items. Net sales were $526.35 million, compared to $527.42 million, last year. Analysts expected revenue of $544.69 million for the quarter.

The company raised and tightened its full year adjusted earnings per share guidance to a range of $3.07 to $3.12. Analysts expect the company to report full year profit per share of $3.09.

TreeHouse Foods also announced it has entered into an agreement with TorQuest Partners LLC and other shareholders to acquire Associated Brands GP Corporation, a private label manufacturer of powdered drinks, specialty teas and sweeteners. TreeHouse has agreed to pay C$187 million in cash for the business, subject to an adjustment for working capital. TreeHouse Foods expects the transaction to have a neutral effect on its 2013 earnings and add approximately $0.14 to $0.16 in earnings per share in 2014.