Treehouse Foods (NYSE: THS) reported Q2 EPS of $0.26, in-line with the analyst estimate of $0.26. Revenue for the quarter came in at $0 versus the consensus estimate of $1.05 billion.

Steve Oakland, Chief Executive Officer and President commented, "In the second quarter, we continued to navigate an unprecedented operating environment. We lapped last year\'s heightened COVID-related demand and took actions to offset the impact of inflation through pricing increases and to address supply chain disruptions. While macroeconomic factors have temporarily driven lower-than-expected consumer demand for private brands, we outperformed private label in the majority of our categories, as our service levels remain strong and we continue to engage our retail partners. We have even greater resolve today to execute on our strategy, and we continue to believe the macro impact of government stimulus and other factors will be transitory. As the environment normalizes and inflation translates into higher prices, we believe the demand for private brands will return to its pattern of historical growth."

"In addition to addressing the industry headwinds, we made solid strategic progress in the quarter, completing the sale of the Ready-to-eat Cereal business in June and returning $25 million in capital to shareholders in the form of share repurchase," Mr. Oakland continued. "We remain diligently focused on our long-term strategic objectives to build a company that is well positioned to deliver long-term sustainable growth and create value for our customers and shareholders."

"Second quarter adjusted earnings per diluted share was $0.26, as lower selling, general and administrative expenses lessened the impact of lower than anticipated sales,\" said Bill Kelley, EVP and Chief Financial Officer. "The decline in our gross profit margin in the quarter was driven by the timing lag between inflation and pricing initiatives. Pricing necessary to recover our initial expectations for commodity inflation this year has tracked according to our plans, and we anticipate the impact will increasingly be reflected in our results as we move through the second half of the year."

GUIDANCE:

Treehouse Foods sees FY2021 EPS of $2.00-$2.50, versus the consensus of $2.84. Treehouse Foods sees FY2021 revenue of $4.2-4.45 billion, versus the consensus of $4.48 billion.

Treehouse Foods sees Q3 2021 EPS of $0.45-$0.60, versus the consensus of $0.90. Treehouse Foods sees Q3 2021 revenue of $1.05-1.16 billion, versus the consensus of $1.12 billion.

For earnings history and earnings-related data on Treehouse Foods (THS) click here.