By Dean Seal
TreeHouse Foods swung to a profit in the third quarter as sales rose on higher prices.
The private-label food manufacturer posted a profit of $7.1 million, or 13 cents a share, compared with a net loss of $90.5 million, or $1.61 a share, in the same quarter a year ago.
Stripping out one-time items, adjusted earnings were 43 cents a share. Analysts surveyed by FactSet had been looking for 50 cents a share.
Net sales from continuing operations came in at $863.3 million, up 3.6% from the year-ago quarter. Adjusted to include the snack bars business that it sold in September, sales were $906.6 million. That stacks up against its guidance for $950 million to $970 million and analyst expectations of $955 million, according to FactSet.
TreeHouse said the adjusted top line took a $15 million hit from a voluntary product recall and a supply chain disruption late in the quarter.
The year-ago quarter’s large loss was driven by TreeHouse’s divestiture of a significant portion of assets from its meal preparation business.
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