TreeHouse Foods said its profits increased in the first nine months of the year driven by higher sales in its North American retail grocery and food away from home businesses.
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For the nine months to 30 September, net income reached US$59.2m compared to $21.4m in the previous year.
Sales during the period edged up to $1.12bn from $1.10bn in 2008, while operating income increased to $132.4m versus $156.5m in the prior year.
Sam Reed, chairman and CEO, said: “We had another very good quarter of unit growth in our retail segment, and showed that new products and increased customer penetration can help to overcome the difficult market conditions in food away from home.”
Reed added that it expects its fourth quarter to include the same benefits of sustained margins and the company will continue our push to leverage its product development and distribution strengths.
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By GlobalData“We see a mild environment of costs and pricing, resulting in sustained margins in the upcoming quarter. As a result, we are raising our full year 2009 guidance from $2.02 to $2.07 in adjusted earnings per share to $2.07 to $2.09,” Reed said.
