Q2 Profit Exceeds Guidance Range
Reaffirms 2024 Net Sales Outlook, Including 2H
Volume Growth
Narrows 2024 Adjusted EBITDA Range
- Net sales of $788.5 million was
above the mid-point of the Company's guidance range of $770 to $800
million.
- Net loss from continuing operations was $(16.7) million.
- Adjusted EBITDA1 of $70.6
million exceeded the Company's guidance range of
$55 to $65
million.
- Repurchased approximately $45
million of Company shares during the quarter.
- Reaffirmed 2024 outlook for net sales of $3.43 to $3.50
billion and free cash flow2 of at least
$130 million; narrowed adjusted
EBITDA2 outlook of $360 to
$380 million.
OAK
BROOK, Ill., Aug. 5, 2024
/PRNewswire/ -- TreeHouse Foods, Inc. (NYSE: THS) today reported
financial results for the second quarter of 2024.
"I'm pleased with our second quarter performance, which included
sequentially improved net sales trends and profit that exceeded the
upper-end of our guidance," said Steve
Oakland, Chairman, Chief Executive Officer, and President.
"Our teams made significant progress converting net sales
opportunities and executing on our supply chain initiatives this
quarter. The combination of these efforts, along with our work to
restore one of our Broth facilities, contributed to the improvement
of our overall business performance and the building of momentum at
TreeHouse. As a result, I am confident we are well positioned to
deliver on our expected annual net sales growth and free cash flow
targets, and achieve our updated profitability guidance."
Mr. Oakland continued, "I would like to reiterate the compelling
opportunity for private brands growth, which continues to benefit
from enhanced retailer investment and consumer tailwinds. Private
brands outperformed national brands across our categories, driving
additional unit share gains again this quarter. We believe the
journey to focus TreeHouse's strategic capabilities and depth
across our snacking and beverage portfolio combined with continued
improvement in execution position us well to deliver profitable
volume growth beginning in the third quarter."
SECOND QUARTER 2024 FINANCIAL RESULTS
Net Sales — Net sales for the second quarter of 2024
totaled $788.5 million compared to
$803.5 million for the same period
last year, a decrease of $15.0
million, or 1.9%. The change in net sales from 2023 to 2024
was due to the following:
|
|
Three
Months
|
|
|
Six
Months
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
Pricing
|
|
(3.0)
|
%
|
|
(2.7)
|
%
|
|
Volume/mix excluding
business acquisitions
|
|
(1.1)
|
|
|
(2.0)
|
|
|
Volume/mix impact from
broth facility restoration
|
|
(0.9)
|
|
|
(1.6)
|
|
|
Total change in organic
net sales1
|
|
(5.0)
|
%
|
|
(6.3)
|
%
|
|
Volume/mix related to
business acquisitions
|
|
3.2
|
|
|
3.5
|
|
|
Foreign
currency
|
|
(0.1)
|
|
|
(0.1)
|
|
|
Total change in net
sales
|
|
(1.9)
|
%
|
|
(2.9)
|
%
|
The net sales decrease of 1.9% was primarily due to targeted
commodity-driven pricing adjustments. Additionally, the decrease
was due to unfavorable volume/mix related to planned distribution
exits primarily in our coffee and in-store bakery categories, as
well as the restoration of one of our broth facilities. These items
were partially offset by volume/mix from the acquisition of the
Coffee Roasting Capability, as well as new business wins.
Gross Profit — Gross profit as a percentage of net sales was
16.3% in the second quarter of 2024, compared to 16.6% in the
second quarter of 2023, a decrease of 0.3 percentage points. The
decrease in Gross profit is primarily due to costs incurred from
the restoration of one of our broth facilities. Adjusted gross
profit1 as a percentage of net sales was 17.2% in the
second quarter of 2024, compared to 16.6% in the second quarter of
2023, an increase of 0.6 percentage points. The increase in
Adjusted gross profit was primarily due to execution of supply
chain initiatives, particularly in procurement.
Total Operating Expenses — Total operating expenses were
$132.3 million in the second quarter
of 2024 compared to $102.9 million in
the second quarter of 2023, an increase of $29.4 million. The increase in expense was
primarily due to a non-cash impairment charge of $19.3 million recognized in the second quarter of
2024 due to forecasted cash flow losses in the Ready-to-drink
beverages business resulting in a decision to exit this business.
Additionally, increased personnel and capability investments and
minimal TSA income in the current period were partially offset
by lower freight costs and TSA-related expense reductions.
Total Other Expense (Income) — Total other expense was
$16.9 million in the second quarter
of 2024 compared to total other income of $1.1 million in the second quarter of 2023, an
increase in expense of $18.0 million.
This was primarily due to a decrease in interest income of
$10.7 million from the Seller
Promissory Note, which was repaid in the fourth quarter of 2023.
Additionally, a $7.9 million
unfavorable change in non-cash mark-to-market impact from hedging
activities, largely driven by interest rate swaps, as well as
unfavorable currency exchange rate impacts of $4.8 million between the U.S. and
Canada, contributed to the
increase in expense in the second quarter of 2024. This was
partially offset by a decrease of $3.6 million in interest expense due to a
decrease in borrowings on our Revolving Credit Facility and a
decrease of $1.4 million in
costs related to the Receivables Sales Program due to decreased
usage.
Income Taxes — Income taxes were recognized at an effective rate
of 20.1% in the second quarter of 2024 compared to 28.7% recognized
in the second quarter of 2023. The change in the Company's
effective tax rate is primarily driven by changes in the amount of
executive compensation that is not deductible for tax purposes.
Net (Loss) Income from Continuing Operations and Adjusted EBITDA
— Net loss from continuing operations for the second quarter of
2024 was $16.7 million, compared to
net income from continuing operations of $22.4 million for the same period of the previous
year. Adjusted EBITDA1 from continuing operations was
$70.6 million in the second
quarter of 2024, compared to $76.3
million in the second quarter of 2023, a decrease of
$5.7 million. The decrease is
primarily due to personnel and capability investments and the
restoration of one of our broth facilities. This was partially
offset by supply chain savings, including favorable commodity and
freight costs.
Discontinued Operations — Net income from discontinued
operations decreased by $0.9 million
in the second quarter of 2024 compared to the second quarter of
2023. The decrease is primarily a result of the divestiture of a
significant portion of the Meal Preparation business on
October 3, 2022 and a related
favorable adjustment of $1.0 million
to our loss on disposal during the second quarter of 2023.
Net Cash Used in Operating Activities from Continuing Operations
— Net cash used in operating activities from continuing operations
was $71.8 million in the first
six months of 2024 compared to $46.6 million in the first six months of
2023, an increase in cash used of $25.2
million. The increase in net cash used in operating
activities was primarily attributable to a decrease in cash flows
from the Receivables Sales Program due to reduced factoring
utilization. Additionally, the increase in net cash used was driven
by lower cash earnings. This was partially offset by an increase in
cash flow from accounts payable due to improved working capital
management.
Share Repurchase — During the second quarter of 2024, the
Company repurchased approximately 1.3 million shares of common
stock at a weighted average price of $35.81 for a total of $44.8 million, excluding excise tax. At the end
of the second quarter, the Company had $78.0 million available under its share
repurchase authorization.
OUTLOOK2
TreeHouse updated its previously-issued full year 2024
guidance:
- We continue to expect Net sales in the range of $3.43 to $3.50
billion, which represents approximately 0% to 2%
year-over-year growth.
- We are narrowing our expectations for Adjusted EBITDA to a
range of $360 to $380 million. This reflects our first half
performance and our assumption that some consumer-driven mix trends
continue during the second half of the year. The Company continues
to expect sequential improvement in Adjusted EBITDA as the year
progresses, driven by the following:
- Net sales improvement due to new distribution wins that largely
begin in the third quarter;
- Cost savings initiatives provide greatest impact beginning in
third and fourth quarters;
- Our return to normalized service levels in our Broth business
ahead of the upcoming peak season; and
- Incremental pricing actions to recover recent commodity
inflation related to cocoa.
- Net interest expense is continued to be expected in the range
of $56 to $62
million.
- The Company continues to expect capital expenditures of
approximately $145 million.
- The Company continues to expect free cash flow of at least
$130 million.
With regard to the third quarter, TreeHouse expects the
following:
- Third quarter net sales are expected in a range of $865 to $895
million, which represents approximately flat to 4% growth
year-over-year. Organic volume and mix are expected to be up
low-single digits. Pricing is expected to be approximately
flat.
- Third quarter Adjusted EBITDA from continuing operations is
expected in a range of $98 to
$108 million, which reflects a timing
shift as a result of favorable freight costs moving into the second
quarter from the third quarter.
|
|
|
|
|
|
1 Adjusted
EBITDA, adjusted gross profit, free cash flow, and organic net
sales are non-GAAP financial measures. See "Comparison of Non-GAAP
Information to GAAP Information" for the definitions of the
Non-GAAP measures, information concerning certain items affecting
comparability, and reconciliations of GAAP to Non-GAAP
measures.
|
|
2 The
Company is not able to reconcile prospective adjusted EBITDA from
continuing operations or free cash flow, which are Non-GAAP
financial measures, to the most comparable GAAP financial measures
without unreasonable effort due to the inherent uncertainty and
difficulty of predicting the occurrence, financial impact, and
timing of certain items impacting GAAP results. These items
include, but are not limited to, mark-to-market adjustments of
derivative contracts, foreign currency exchange on the
re-measurement of intercompany notes, or other non-recurring events
or transactions that may significantly affect reported GAAP
results.
|
CONFERENCE CALL WEBCAST
A webcast to discuss the Company's second quarter earnings will
be held at 8:30 a.m. (Eastern Time)
today. The live audio webcast and a supporting slide deck will be
available on the Company's website at
www.treehousefoods.com/investors/investor-overview/default.aspx.
DISCONTINUED OPERATIONS
On October 3, 2022, the Company
completed the sale of a significant portion of the Company's Meal
Preparation business, including pasta, pourable and spoonable
dressing, preserves, red sauces, syrup, dry blends and baking, dry
dinners, pie filling, pita chips and other sauces (the
"Transaction"). Beginning in the third quarter of 2022, the
business of the Transaction is presented as discontinued
operations, and, as such, has been excluded from continuing
operations for all periods presented.
On September 29, 2023, the Company
completed the sale of its Snack Bars business (the "Snack Bars
Transaction" or the "Snack Bars Business"). The Snack Bars
Transaction represents a component of the single plan of disposal
from the Company's strategic review process, which also resulted in
the divestiture of a significant portion of the Meal Preparation
business during the fourth quarter of 2022. Beginning in the third
quarter of 2023, the Snack Bars Business is presented as a
component of discontinued operations and has been excluded from
continuing operations for all periods presented.
COMPARISON OF NON-GAAP INFORMATION TO GAAP
INFORMATION
The Company has included in this release measures of financial
performance that are not defined by GAAP ("Non-GAAP"). A Non-GAAP
financial measure is a numerical measure of financial performance
that excludes or includes amounts so as to be different than the
most directly comparable measure calculated and presented in
accordance with GAAP in the Company's Condensed Consolidated
Balance Sheets, Condensed Consolidated Statements of Operations,
Condensed Consolidated Statements of Comprehensive (Loss) Income,
Condensed Consolidated Statements of Stockholders' Equity, and the
Condensed Consolidated Statements of Cash Flows. As described
further below, the Company believes these measures provide useful
information to the users of the financial statements.
For each of these Non-GAAP financial measures, the Company
provides a reconciliation between the most directly comparable GAAP
measure and the Non-GAAP measure, an explanation of why management
believes the Non-GAAP measure provides useful information to
financial statement users, and any additional purposes for which
management uses the Non-GAAP measure. This Non-GAAP financial
information is provided as additional information for the financial
statement users and is not in accordance with, or an alternative
to, GAAP. These Non-GAAP measures may be different from similar
measures used by other companies.
Organic Net Sales
Organic net sales is defined as net sales excluding the impacts
of business acquisitions, divestitures, and foreign currency. This
information is provided in order to allow investors to make
meaningful comparisons of the Company's sales between periods and
to view the Company's business from the same perspective as Company
management.
EBITDA from Continuing Operations, EBITDA from Continuing
Operations Margin, Adjusted EBITDA from Continuing Operations, and
Adjusted EBITDA from Continuing Operations Margin, Adjusting for
Certain Items Affecting Comparability
EBITDA from continuing operations margin and adjusted EBITDA
from continuing operations margin are defined as EBITDA from
continuing operations and adjusted EBITDA from continuing
operations as a percentage of net sales. EBITDA from continuing
operations represents net (loss) income from continuing operations
before interest expense, interest income, income tax (benefit)
expense, and depreciation and amortization expense. Adjusted EBITDA
from continuing operations reflects adjustments to EBITDA from
continuing operations to identify items that, in management's
judgment, significantly affect the assessment of earnings results
between periods. This information is provided in order to allow
investors to make meaningful comparisons of the Company's earnings
performance between periods and to view the Company's business from
the same perspective as Company management. As the Company cannot
predict the timing and amount of charges that include, but are not
limited to, items such as facility restoration and product recall
costs, growth, reinvestment, and restructuring programs,
acquisition, integration, divestiture, and related costs,
impairment of assets, foreign currency exchange impact on the
re-measurement of intercompany notes, mark-to-market adjustments on
derivative contracts, and other items that may arise from time to
time that would impact comparability, management does not consider
these costs when evaluating the Company's performance, when making
decisions regarding the allocation of resources, in determining
incentive compensation, or in determining earnings estimates.
EBITDA from continuing operations, and adjusted EBITDA from
continuing operations are performance measures commonly used by
management to assess operating performance and incentive
compensation, and the Company believes they are commonly reported
and widely used by investors and other interested parties as a
measure of a company's operating performance between periods and as
a component of our debt covenant calculations.
Adjusted Gross Profit, Adjusted Total Operating Expenses,
Adjusted Operating (Loss) Income, Adjusted Total Other Expense
(Income), Adjusted Income Tax Expense (Benefit), Adjusted Net
(Loss) Income from Continuing Operations, and Adjusted Diluted
Earnings (Loss) Per Share from Continuing Operations, Adjusting for
Certain Items Affecting Comparability
Adjusted gross profit, adjusted total operating expenses,
adjusted operating (loss) income, adjusted total other expense
(income), adjusted income tax expense (benefit), and adjusted net
(loss) income from continuing operations represent their respective
GAAP presentation line item adjusted for items such as facility
restoration and product recall costs, growth, reinvestment, and
restructuring programs, acquisition, integration, divestiture, and
related costs, impairment of assets, foreign currency exchange
impact on the re-measurement of intercompany notes, mark-to-market
adjustments on derivative contracts, and other items that may arise
from time to time that would impact comparability. Management does
not consider these costs when evaluating the Company's performance,
when making decisions regarding the allocation of resources, in
determining incentive compensation, or in determining earnings
estimates. This information is provided in order to allow investors
to make meaningful comparisons of the Company's earnings
performance between periods and to view the Company's business from
the same perspective as Company management. The Company has
presented each of these adjusted Non-GAAP measures as a percentage
of net sales compared to its respective reported GAAP presentation
line item as a percentage of net sales. Adjusted diluted earnings
(loss) per share from continuing operations ("Adjusted diluted
EPS") is determined by dividing adjusted net (loss) income from
continuing operations by the weighted average diluted common shares
outstanding. Adjusted diluted EPS reflects adjustments to GAAP
earnings (loss) per diluted share to identify items that, in
management's judgment, significantly affect the assessment of
earnings results between periods.
A full reconciliation between the relevant GAAP measure of
reported net income (loss) from continuing operations for the three
and six months ended June 30, 2024
and 2023 calculated according to GAAP, adjusted net income from
continuing operations, and adjusted EBITDA from continuing
operations is presented in the attached tables. Given the inherent
uncertainty regarding adjusted items in any future period, a
reconciliation of forward-looking financial measures to the most
directly comparable GAAP measure is not feasible.
Free Cash Flow from Continuing Operations
In addition to measuring the Company's cash flow generation and
usage based upon the operating, investing, and financing
classifications included in the Condensed Consolidated Statements
of Cash Flows, we also measure free cash flow from continuing
operations, which represents net cash used in operating activities
from continuing operations less capital expenditures. The Company
believes free cash flow is an important measure of liquidity
because it provides management and investors a measure of cash
generated from operations that is available for mandatory payment
obligations and investment opportunities such as funding
acquisitions, repaying debt, repurchasing public debt, and
repurchasing common stock. A reconciliation between the relevant
GAAP measure of cash used in operating activities from continuing
operations for the six months ended June 30,
2024 and 2023 calculated according to GAAP and free cash
flow from continuing operations is presented in the attached
tables.
ABOUT TREEHOUSE FOODS
TreeHouse Foods, Inc. is a leading private brands snacking and
beverage manufacturer in North
America. Our purpose is to engage and delight - one customer
at a time. Through our customer focus and category experience, we
strive to deliver excellent service and build capabilities and
insights to drive mutually profitable growth for TreeHouse and for
our customers. Our purpose is supported by investment in depth,
capabilities and operational efficiencies which are aimed to
capitalize on the long-term growth prospects in the categories in
which we operate.
Additional information, including TreeHouse's most recent
statements on Forms 10-Q and 10-K, may be found at TreeHouse's
website, http://www.treehousefoods.com.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking" statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements and other information are
based on our beliefs, as well as assumptions made by us, using
information currently available. The words "believe," "estimate,"
"project," "expect," "anticipate," "plan," "intend," "foresee,"
"should," "would," "could," and similar expressions, as they relate
to us, are intended to identify forward-looking statements. Such
statements reflect our current views with respect to future events
and are subject to certain risks, uncertainties, and assumptions.
Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those described herein as anticipated,
believed, estimated, expected, or intended. We do not intend to
update these forward-looking statements following the date of this
press release. Such forward-looking statements, because they relate
to future events, are by their very nature subject to many
important factors that could cause actual results to differ
materially from those contemplated by the forward-looking
statements contained in this press release and other public
statements we make. Such factors include, but are not limited to:
risks related to quality issues, disruptions, or inefficiencies in
our supply chain and/or operations; loss or consolidation of key
suppliers; raw material and commodity costs due to inflation; labor
strikes or work stoppages; multiemployer pension plans; labor
shortages and increased competition for labor; success of our
growth, reinvestment, and restructuring programs; our level of
indebtedness and related obligations; disruptions in the financial
markets; interest rates; changes in foreign currency exchange
rates; customer concentration and consolidation; competition; our
ability to execute on our business strategy; our ability to
continue to make acquisitions and execute on divestitures or
effectively manage the growth from acquisitions; impairment of
goodwill or long lived assets; changes and developments affecting
our industry, including customer preferences and the prevalence of
weight loss drugs; the outcome of litigation and regulatory
proceedings to which we and/or our customers may be a party;
product recalls; changes in laws and regulations applicable to us;
shareholder activism; disruptions in or failures of our information
technology systems; geopolitical events; changes in weather
conditions, climate changes, and natural disasters; and other risks
that are set forth in the Risk Factors section, the Legal
Proceedings section, the Management's Discussion and Analysis of
Financial Condition and Results of Operations section, and other
sections of our Annual Report on Form 10-K for the year ended
December 31, 2023, and from time to
time in our filings with the Securities and Exchange Commission
("SEC"). You are cautioned not to unduly rely on such
forward-looking statements, which speak only as of the date made
when evaluating the information presented in this press release.
TreeHouse expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking
statement contained herein, to reflect any change in its
expectations with regard thereto, or any other change in events,
conditions or circumstances on which any statement is based.
|
FINANCIAL
INFORMATION
TREEHOUSE FOODS,
INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited, in
millions, except per share data)
|
|
|
|
|
|
|
|
June 30,
2024
|
|
December 31,
2023
|
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
105.8
|
|
$
320.3
|
|
Receivables,
net
|
|
186.2
|
|
175.6
|
|
Inventories
|
|
592.4
|
|
534.0
|
|
Prepaid expenses and
other current assets
|
|
43.9
|
|
24.9
|
|
Total current
assets
|
|
928.3
|
|
1,054.8
|
|
Property, plant, and
equipment, net
|
|
718.7
|
|
737.6
|
|
Operating lease
right-of-use assets
|
|
172.1
|
|
193.0
|
|
Goodwill
|
|
1,822.3
|
|
1,824.7
|
|
Intangible assets,
net
|
|
235.3
|
|
257.4
|
|
Other assets,
net
|
|
28.3
|
|
39.1
|
|
Total
assets
|
|
$
3,905.0
|
|
$
4,106.6
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
|
$
493.8
|
|
$
534.9
|
|
Accrued
expenses
|
|
151.3
|
|
169.0
|
|
Current portion of
long-term debt
|
|
0.6
|
|
0.4
|
|
Total current
liabilities
|
|
645.7
|
|
704.3
|
|
Long-term
debt
|
|
1,398.2
|
|
1,396.0
|
|
Operating lease
liabilities
|
|
143.8
|
|
165.0
|
|
Deferred income
taxes
|
|
106.0
|
|
111.4
|
|
Other long-term
liabilities
|
|
61.2
|
|
65.1
|
|
Total
liabilities
|
|
2,354.9
|
|
2,441.8
|
|
Commitments and
contingencies
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
Preferred stock, par
value $0.01 per share, 10.0 shares authorized, none
issued
|
|
—
|
|
—
|
|
Common stock, par
value $0.01 per share, 90.0 shares authorized, 51.8 and 54.1
shares outstanding as of June 30, 2024 and December 31, 2023,
respectively
|
|
0.6
|
|
0.6
|
|
Treasury
stock
|
|
(323.7)
|
|
(234.2)
|
|
Additional paid-in
capital
|
|
2,230.5
|
|
2,223.4
|
|
Accumulated
deficit
|
|
(277.3)
|
|
(248.9)
|
|
Accumulated other
comprehensive loss
|
|
(80.0)
|
|
(76.1)
|
|
Total stockholders'
equity
|
|
1,550.1
|
|
1,664.8
|
|
Total liabilities and
stockholders' equity
|
|
$
3,905.0
|
|
$
4,106.6
|
|
TREEHOUSE FOODS,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in
millions, except per share data)
|
|
|
|
|
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net sales
|
|
$
788.5
|
|
$
803.5
|
|
$
1,609.2
|
|
$
1,657.5
|
|
Cost of
sales
|
|
660.2
|
|
670.3
|
|
1,368.9
|
|
1,370.7
|
|
Gross profit
|
|
128.3
|
|
133.2
|
|
240.3
|
|
286.8
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Selling and
distribution
|
|
35.5
|
|
39.7
|
|
78.4
|
|
84.4
|
|
General and
administrative
|
|
54.2
|
|
53.9
|
|
110.0
|
|
107.3
|
|
Amortization
expense
|
|
12.1
|
|
12.1
|
|
24.2
|
|
24.1
|
|
Asset
impairment
|
|
19.3
|
|
—
|
|
19.3
|
|
—
|
|
Other operating
expense (income), net
|
|
11.2
|
|
(2.8)
|
|
17.6
|
|
(0.2)
|
|
Total operating
expenses
|
|
132.3
|
|
102.9
|
|
249.5
|
|
215.6
|
|
Operating (loss)
income
|
|
(4.0)
|
|
30.3
|
|
(9.2)
|
|
71.2
|
|
Other
expense:
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
15.6
|
|
19.2
|
|
31.2
|
|
37.0
|
|
Interest
income
|
|
(0.1)
|
|
(10.8)
|
|
(4.1)
|
|
(25.4)
|
|
Loss (gain) on foreign
currency exchange
|
|
1.5
|
|
(3.3)
|
|
4.9
|
|
(3.0)
|
|
Other (income)
expense, net
|
|
(0.1)
|
|
(6.2)
|
|
(5.0)
|
|
3.5
|
|
Total other expense
(income)
|
|
16.9
|
|
(1.1)
|
|
27.0
|
|
12.1
|
|
(Loss) income before
income taxes
|
|
(20.9)
|
|
31.4
|
|
(36.2)
|
|
59.1
|
|
Income tax (benefit)
expense
|
|
(4.2)
|
|
9.0
|
|
(7.8)
|
|
16.3
|
|
Net (loss) income from
continuing operations
|
|
(16.7)
|
|
22.4
|
|
(28.4)
|
|
42.8
|
|
Net income (loss) from
discontinued operations
|
|
—
|
|
0.9
|
|
—
|
|
(4.3)
|
|
Net (loss)
income
|
|
$
(16.7)
|
|
$
23.3
|
|
$
(28.4)
|
|
$
38.5
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
common share - basic:
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
(0.32)
|
|
$
0.40
|
|
$
(0.54)
|
|
$
0.76
|
|
Discontinued
operations
|
|
—
|
|
0.02
|
|
—
|
|
(0.08)
|
|
Earnings (loss) per
share basic (1)
|
|
$
(0.32)
|
|
$
0.41
|
|
$
(0.54)
|
|
$
0.68
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
common share - diluted:
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
(0.32)
|
|
$
0.39
|
|
$
(0.54)
|
|
$
0.75
|
|
Discontinued
operations
|
|
—
|
|
0.02
|
|
—
|
|
(0.08)
|
|
Earnings (loss) per
share diluted (1)
|
|
$
(0.32)
|
|
$
0.41
|
|
$
(0.54)
|
|
$
0.68
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
52.3
|
|
56.4
|
|
53.0
|
|
56.3
|
|
Diluted
|
|
52.3
|
|
56.8
|
|
53.0
|
|
56.8
|
|
|
(1) The sum of
the individual per share amounts may not add due to
rounding.
|
|
TREEHOUSE FOODS,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in
millions)
|
|
|
|
|
|
Six Months
Ended
June 30,
|
|
|
2024
|
|
2023
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
Net (loss)
income
|
|
$
(28.4)
|
|
$
38.5
|
|
Net loss from
discontinued operations
|
|
—
|
|
(4.3)
|
|
Net (loss) income from
continuing operations
|
|
(28.4)
|
|
42.8
|
|
Adjustments to
reconcile net (loss) income to net cash used in operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
|
72.8
|
|
69.7
|
|
Asset
impairment
|
|
19.3
|
|
—
|
|
Stock-based
compensation
|
|
11.0
|
|
13.1
|
|
Unrealized gain on
derivative contracts
|
|
(8.5)
|
|
(3.5)
|
|
Deferred TSA
income
|
|
—
|
|
(12.3)
|
|
Other
|
|
2.7
|
|
(1.9)
|
|
Changes in operating
assets and liabilities, net of acquisitions and
divestitures:
|
|
|
|
|
|
Receivables
|
|
(10.5)
|
|
(3.3)
|
|
Inventories
|
|
(60.6)
|
|
(47.0)
|
|
Prepaid expenses and
other assets
|
|
(6.9)
|
|
8.0
|
|
Accounts
payable
|
|
(47.1)
|
|
(86.3)
|
|
Accrued expenses and
other liabilities
|
|
(15.6)
|
|
(25.9)
|
|
Net cash used in
operating activities - continuing operations
|
|
(71.8)
|
|
(46.6)
|
|
Net cash used in
operating activities - discontinued operations
|
|
—
|
|
(3.2)
|
|
Net cash used in
operating activities
|
|
(71.8)
|
|
(49.8)
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
Capital
expenditures
|
|
(51.1)
|
|
(54.3)
|
|
Proceeds from sale of
fixed assets
|
|
1.4
|
|
—
|
|
Acquisitions, net of
cash acquired
|
|
—
|
|
(102.2)
|
|
Net cash used in
investing activities - continuing operations
|
|
(49.7)
|
|
(156.5)
|
|
Net cash used in
investing activities - discontinued operations
|
|
—
|
|
(15.6)
|
|
Net cash used in
investing activities
|
|
(49.7)
|
|
(172.1)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
Borrowings under
Revolving Credit Facility
|
|
9.5
|
|
1,544.3
|
|
Payments under
Revolving Credit Facility
|
|
(9.5)
|
|
(1,344.8)
|
|
Payments on financing
lease obligations
|
|
(0.3)
|
|
(0.3)
|
|
Repurchases of common
stock
|
|
(88.7)
|
|
—
|
|
Payments related to
stock-based award activities
|
|
(3.9)
|
|
(6.0)
|
|
Net cash (used in)
provided by financing activities - continuing operations
|
|
(92.9)
|
|
193.2
|
|
Net cash (used in)
provided by financing activities - discontinued
operations
|
|
—
|
|
—
|
|
Net cash (used in)
provided by financing activities
|
|
(92.9)
|
|
193.2
|
|
Effect of exchange rate
changes on cash and cash equivalents
|
|
(0.1)
|
|
2.6
|
|
Net decrease in cash
and cash equivalents
|
|
(214.5)
|
|
(26.1)
|
|
Cash and cash
equivalents, beginning of period
|
|
320.3
|
|
43.0
|
|
Cash and cash
equivalents, end of period
|
|
$
105.8
|
|
$
16.9
|
|
|
Six Months
Ended
June 30,
|
|
|
2024
|
|
2023
|
|
Supplemental cash
flow disclosures:
|
|
|
|
|
|
Interest
paid
|
|
$
42.5
|
|
$
45.3
|
|
Net income taxes
paid
|
|
6.6
|
|
16.7
|
|
|
|
|
|
|
Non-cash investing
activities:
|
|
|
|
|
|
Capital expenditures
incurred but not yet paid
|
|
22.3
|
|
12.5
|
|
Right-of-use assets
obtained in exchange for lease obligations
|
|
0.3
|
|
32.2
|
|
Note receivable
purchase price adjustment reduction
|
|
—
|
|
(5.1)
|
|
Note receivable
increase from paid in kind interest
|
|
—
|
|
2.2
|
|
Deferred payment from
acquisition of seasoned pretzel capability
|
|
—
|
|
4.0
|
The following table reconciles the Company's net (loss) income
from continuing operations to EBITDA and adjusted EBITDA from
continuing operations, for the three months ended June 30, 2024 and 2023:
|
TREEHOUSE FOODS,
INC.
RECONCILIATION OF
NET (LOSS) INCOME FROM CONTINUING OPERATIONS TO EBITDA AND ADJUSTED
EBITDA FROM CONTINUING OPERATIONS
(Unaudited, in
millions)
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net (loss) income
from continuing operations (GAAP)
|
|
$
(16.7)
|
|
$
22.4
|
|
$
(28.4)
|
|
$
42.8
|
|
Interest
expense
|
|
15.6
|
|
19.2
|
|
31.2
|
|
37.0
|
|
Interest
income
|
|
(0.1)
|
|
(10.8)
|
|
(4.1)
|
|
(25.4)
|
|
Income tax (benefit)
expense
|
|
(4.2)
|
|
9.0
|
|
(7.8)
|
|
16.3
|
|
Depreciation and
amortization
|
|
36.2
|
|
34.6
|
|
72.8
|
|
69.7
|
|
EBITDA from
continuing operations (Non-GAAP)
|
|
30.8
|
|
74.4
|
|
63.7
|
|
140.4
|
|
Impairment(1)
|
|
19.3
|
|
—
|
|
19.3
|
|
—
|
|
Growth, reinvestment,
restructuring programs & other(2)
|
|
11.5
|
|
8.9
|
|
18.2
|
|
24.2
|
|
Broth facility
restoration and product recall costs(3)
|
|
7.5
|
|
—
|
|
14.4
|
|
—
|
|
Acquisition,
integration, divestiture, and related
costs(4)
|
|
1.9
|
|
4.8
|
|
6.0
|
|
8.6
|
|
Foreign currency loss
(gain) on re-measurement of intercompany
notes(5)
|
|
1.1
|
|
(2.5)
|
|
3.5
|
|
(2.7)
|
|
Mark-to-market
adjustments(6)
|
|
(1.5)
|
|
(9.4)
|
|
(8.5)
|
|
(3.5)
|
|
Shareholder
activism(7)
|
|
—
|
|
—
|
|
—
|
|
0.3
|
|
Tax
indemnification(8)
|
|
—
|
|
0.1
|
|
—
|
|
0.3
|
|
Adjusted EBITDA from
continuing operations (Non-GAAP)
|
|
$
70.6
|
|
$
76.3
|
|
$
116.6
|
|
$
167.6
|
|
|
|
|
|
|
|
|
|
|
% of net
sales
|
|
|
|
|
|
|
|
|
|
Net (loss) income from
continuing operations margin
|
|
(2.1) %
|
|
2.8 %
|
|
(1.8) %
|
|
2.6 %
|
|
EBITDA from continuing
operations margin
|
|
3.9 %
|
|
9.3 %
|
|
4.0 %
|
|
8.5 %
|
|
Adjusted EBITDA from
continuing operations margin
|
|
9.0 %
|
|
9.5 %
|
|
7.2 %
|
|
10.1 %
|
During the three and six months ended June 30, 2024 and 2023, the Company entered into
transactions that affected the year-over-year comparison of its
financial results from continuing operations as follows:
|
(1)
|
During the second
quarter of 2024, the Company incurred $19.3 million of non-cash
impairment charges related to property, plant, and equipment. The
impairment is due to forecasted cash flow losses in the
Ready-to-drink beverages business resulting in a decision to exit
this business.
|
|
|
|
(2)
|
The Company's growth,
reinvestment, and restructuring activities are part of an
enterprise-wide transformation to improve long-term growth and
profitability for the Company.
|
|
|
|
(3)
|
On September 22, 2023,
the Company initiated a voluntary recall of certain broth products
produced at its Cambridge, Maryland facility. Since the voluntary
recall, the Company is executing a turnaround plan to restore the
facility operations. As a result of these restoration activities,
during the three and six months ended June 30, 2024, the Company
incurred incremental costs of $7.5 million and $14.4 million,
respectively, which include non-cash plant shutdown charges of $4.5
million and $8.9 million, non-cash inventory write-offs of $0.3
million and $2.6 million, and other costs, including product
returns and logistics, of $2.7 million and $2.9 million,
respectively.
|
|
|
|
(4)
|
Acquisition,
integration, divestiture, and related costs represents costs
associated with completed and potential acquisitions, the related
integration of the acquisitions, completed and potential
divestitures, and gains or losses on the divestiture of a business.
During the three and six months ended June 30, 2024, $1.7 million
and $3.7 million were classified in General and administrative,
$0.2 million and $2.1 million were classified in Cost of sales, and
none and $0.2 million were classified in Other operating expense
(income), net, respectively. During the three and six months ended
June 30, 2023, $4.6 million and $7.7 million were classified in
General and administrative, and $0.2 million and $0.9 million were
classified in Other operating expense (income), net,
respectively.
|
|
|
|
(5)
|
The Company has foreign
currency denominated intercompany loans and incurred foreign
currency gains/losses to re-measure the loans at quarter end. These
amounts are non-cash and the loans are eliminated in
consolidation.
|
|
|
|
(6)
|
The Company's
derivative contracts are marked-to-market each period. The non-cash
unrealized changes in fair value recognized in Other (income)
expense, net within the Condensed Consolidated Statements of
Operations are treated as Non-GAAP adjustments. As the contracts
are settled, realized gains and losses are recognized, and only the
mark-to-market impacts are treated as Non-GAAP
adjustments.
|
|
|
|
(7)
|
The Company incurred
fees related to shareholder activism which include directly
applicable third-party advisory and professional service
fees.
|
|
|
|
(8)
|
Tax indemnification
represents the non-cash write off of indemnification assets that
were recorded in connection with acquisitions from prior
years. These write-offs arose as a result of the related
uncertain tax position being released due to the statute of
limitation lapse or settlement with taxing authorities.
|
The following tables reconcile the Company's adjusted gross
profit, adjusted total operating expenses, adjusted operating
(loss) income, adjusted total other expense (income), adjusted
income tax expense (benefit), and adjusted net (loss) income to
their most directly comparable GAAP measure, for three and six
months ended June 30, 2024 and
2023:
|
TREEHOUSE FOODS,
INC.
RECONCILIATION OF
NON-GAAP MEASURES
(Unaudited, in
millions, except per share amounts)
|
|
|
|
|
|
Three Months Ended
June 30, 2024
|
|
|
Gross
profit
|
|
Total
operating
expenses
|
|
Operating
(loss)
income
|
|
Total
other
expense
|
|
Income
tax
(benefit)
expense
|
|
Net (loss)
income
from
continuing
operations
|
|
As reported
(GAAP)
|
|
$
128.3
|
|
$
132.3
|
|
$ (4.0)
|
|
$ 16.9
|
|
$ (4.2)
|
|
$
(16.7)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment(1)
|
|
—
|
|
(19.3)
|
|
19.3
|
|
—
|
|
—
|
|
19.3
|
|
Growth, reinvestment,
restructuring programs & other(2)
|
|
—
|
|
(11.5)
|
|
11.5
|
|
—
|
|
—
|
|
11.5
|
|
Broth facility
restoration and product recall costs(3)
|
|
7.5
|
|
—
|
|
7.5
|
|
—
|
|
—
|
|
7.5
|
|
Acquisition,
integration, divestiture, and related
costs(4)
|
|
0.2
|
|
(1.7)
|
|
1.9
|
|
—
|
|
—
|
|
1.9
|
|
Foreign currency loss
on re-measurement of intercompany notes(5)
|
|
—
|
|
—
|
|
—
|
|
(1.1)
|
|
—
|
|
1.1
|
|
Mark-to-market
adjustments(6)
|
|
—
|
|
—
|
|
—
|
|
1.5
|
|
—
|
|
(1.5)
|
|
Taxes on adjusting
items
|
|
—
|
|
—
|
|
—
|
|
—
|
|
8.1
|
|
(8.1)
|
|
As adjusted
(Non-GAAP)
|
|
$
136.0
|
|
$ 99.8
|
|
$ 36.2
|
|
$ 17.3
|
|
$
3.9
|
|
$ 15.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported (% of net
sales)
|
|
16.3 %
|
|
16.8 %
|
|
(0.5) %
|
|
2.1 %
|
|
(0.5) %
|
|
(2.1) %
|
|
As adjusted (% of net
sales)
|
|
17.2 %
|
|
12.7 %
|
|
4.6 %
|
|
2.2 %
|
|
0.5 %
|
|
1.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share from continuing operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
$
(0.32)
|
|
Adjusted
diluted
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted for net loss
from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
52.3
|
|
Diluted for adjusted
net income from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
52.5
|
|
|
Three Months Ended
June 30, 2023
|
|
|
Gross
profit
|
|
Total
operating
expenses
|
|
Operating
income
|
|
Total
other
(income)
expense
|
|
Income
tax
expense
|
|
Net
income
from
continuing
operations
|
|
As reported
(GAAP)
|
|
$
133.2
|
|
$
102.9
|
|
$ 30.3
|
|
$ (1.1)
|
|
$
9.0
|
|
$ 22.4
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth, reinvestment,
restructuring programs & other(2)
|
|
—
|
|
(8.9)
|
|
8.9
|
|
—
|
|
—
|
|
8.9
|
|
Acquisition,
integration, divestiture, and related
costs(4)
|
|
—
|
|
(4.8)
|
|
4.8
|
|
—
|
|
—
|
|
4.8
|
|
Foreign currency gain
on re-measurement of intercompany notes(5)
|
|
—
|
|
—
|
|
—
|
|
2.5
|
|
—
|
|
(2.5)
|
|
Mark-to-market
adjustments(6)
|
|
—
|
|
—
|
|
—
|
|
9.4
|
|
—
|
|
(9.4)
|
|
Tax
indemnification(8)
|
|
—
|
|
—
|
|
—
|
|
(0.1)
|
|
—
|
|
0.1
|
|
As adjusted
(Non-GAAP)
|
|
$
133.2
|
|
$ 89.2
|
|
$ 44.0
|
|
$ 10.7
|
|
$
9.0
|
|
$ 24.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported (% of net
sales)
|
|
16.6 %
|
|
12.8 %
|
|
3.8 %
|
|
(0.1) %
|
|
1.1 %
|
|
2.8 %
|
|
As adjusted (% of net
sales)
|
|
16.6 %
|
|
11.1 %
|
|
5.5 %
|
|
1.3 %
|
|
1.1 %
|
|
3.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share from
continuing operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.39
|
|
Adjusted
diluted
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted for net income
from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
56.8
|
|
Diluted for adjusted
net income from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
56.8
|
|
|
Six Months Ended
June 30, 2024
|
|
|
Gross
profit
|
|
Total
operating
expenses
|
|
Operating
(loss)
income
|
|
Total
other
expense
|
|
Income
tax
(benefit)
expense
|
|
Net (loss)
income
from
continuing
operations
|
|
As reported
(GAAP)
|
|
$
240.3
|
|
$
249.5
|
|
$ (9.2)
|
|
$ 27.0
|
|
$ (7.8)
|
|
$
(28.4)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment(1)
|
|
—
|
|
(19.3)
|
|
19.3
|
|
—
|
|
—
|
|
19.3
|
|
Growth, reinvestment,
restructuring programs & other(2)
|
|
—
|
|
(18.2)
|
|
18.2
|
|
—
|
|
—
|
|
18.2
|
|
Broth facility
restoration and product recall costs(3)
|
|
14.4
|
|
—
|
|
14.4
|
|
—
|
|
—
|
|
14.4
|
|
Acquisition,
integration, divestiture, and related
costs(4)
|
|
2.1
|
|
(3.9)
|
|
6.0
|
|
—
|
|
—
|
|
6.0
|
|
Foreign currency loss
on re-measurement of intercompany notes(5)
|
|
—
|
|
—
|
|
—
|
|
(3.5)
|
|
—
|
|
3.5
|
|
Mark-to-market
adjustments(6)
|
|
—
|
|
—
|
|
—
|
|
8.5
|
|
—
|
|
(8.5)
|
|
Taxes on adjusting
items
|
|
—
|
|
—
|
|
—
|
|
—
|
|
11.3
|
|
(11.3)
|
|
As adjusted
(Non-GAAP)
|
|
$
256.8
|
|
$
208.1
|
|
$ 48.7
|
|
$ 32.0
|
|
$
3.5
|
|
$ 13.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported (% of net
sales)
|
|
14.9 %
|
|
15.5 %
|
|
(0.6) %
|
|
1.7 %
|
|
(0.5) %
|
|
(1.8) %
|
|
As adjusted (% of net
sales)
|
|
16.0 %
|
|
12.9 %
|
|
3.0 %
|
|
2.0 %
|
|
0.2 %
|
|
0.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share from continuing operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
$
(0.54)
|
|
Adjusted
diluted
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted for net loss
from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
53.0
|
|
Diluted for adjusted
net income from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
53.4
|
|
|
Six Months Ended
June 30, 2023
|
|
|
Gross
profit
|
|
Total
operating
expenses
|
|
Operating
income
|
|
Total
other
expense
|
|
Income
tax
expense
|
|
Net
income
from
continuing
operations
|
|
As reported
(GAAP)
|
|
$
286.8
|
|
$
215.6
|
|
$ 71.2
|
|
$ 12.1
|
|
$ 16.3
|
|
$ 42.8
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth, reinvestment,
restructuring programs & other(2)
|
|
—
|
|
(24.2)
|
|
24.2
|
|
—
|
|
—
|
|
24.2
|
|
Acquisition,
integration, divestiture, and related
costs(4)
|
|
—
|
|
(8.6)
|
|
8.6
|
|
—
|
|
—
|
|
8.6
|
|
Foreign currency gain
on re-measurement of intercompany notes(5)
|
|
—
|
|
—
|
|
—
|
|
2.7
|
|
—
|
|
(2.7)
|
|
Mark-to-market
adjustments(6)
|
|
—
|
|
—
|
|
—
|
|
3.5
|
|
—
|
|
(3.5)
|
|
Shareholder
activism(7)
|
|
—
|
|
(0.3)
|
|
0.3
|
|
—
|
|
—
|
|
0.3
|
|
Tax
indemnification(8)
|
|
—
|
|
—
|
|
—
|
|
(0.3)
|
|
—
|
|
0.3
|
|
Taxes on adjusting
items
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6.0
|
|
(6.0)
|
|
As adjusted
(Non-GAAP)
|
|
$
286.8
|
|
$
182.5
|
|
$
104.3
|
|
$ 18.0
|
|
$ 22.3
|
|
$ 64.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported (% of net
sales)
|
|
17.3 %
|
|
13.0 %
|
|
4.3 %
|
|
0.7 %
|
|
1.0 %
|
|
2.6 %
|
|
As adjusted (% of net
sales)
|
|
17.3 %
|
|
11.0 %
|
|
6.3 %
|
|
1.1 %
|
|
1.3 %
|
|
3.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share from
continuing operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.75
|
|
Adjusted
diluted
|
|
|
|
|
|
|
|
|
|
|
|
$ 1.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted for net income
from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
56.8
|
|
Diluted for adjusted
net income from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
56.8
|
|
TREEHOUSE FOODS,
INC.
RECONCILIATION OF
NET CASH USED IN OPERATING ACTIVITIES FROM CONTINUING OPERATIONS TO
FREE CASH FLOW FROM CONTINUING OPERATIONS
(Unaudited, in
millions)
|
|
|
|
|
|
Six Months
Ended
June
30,
|
|
|
2024
|
|
2023
|
|
|
|
|
Cash flow used in
operating activities from continuing operations
|
|
$
(71.8)
|
|
$
(46.6)
|
|
Less: Capital
expenditures
|
|
(51.1)
|
|
(54.3)
|
|
Free cash flow from
continuing operations
|
|
$
(122.9)
|
|
$
(100.9)
|
View original
content:https://www.prnewswire.com/news-releases/treehouse-foods-inc-reports-second-quarter-2024-results-302213865.html
SOURCE TreeHouse Foods, Inc.