OAK BROOK, ILL. — A deal with improved effectivity and execution benefited TreeHouse Meals, Inc., throughout the first quarter of fiscal 2021. Going through troublesome pantry-stocking comparisons from the yr prior, the corporate was capable of generate a revenue throughout the quarter.
Web revenue for the interval ended March 31 was $1.5 million, equal to 1¢ per share on the widespread inventory. The outcomes are an enchancment in comparison with the identical interval final yr when TreeHouse Meals recorded a lack of $31.2 million.
Quarterly gross sales fell 2.5% to $1.06 billion.
“We have been up in opposition to a troublesome comp given the unprecedented pantry loading we noticed a yr in the past as we entered the shelter-in-place,” mentioned Steven T. Oakland, president and chief govt officer, throughout a Might 6 name with securities analysts. “Towards all of that, we delivered a strong first quarter.”
Meal Preparation enterprise unit gross sales rose lower than 1% to $678.5 million throughout the quarter. The December acquisition of some Riviana Meals manufacturers contributed $40 million and offset the comparability to final yr’s COVID-related demand surge, in keeping with the corporate.
Working revenue as a proportion of enterprise unit gross sales fell lower than 1%. The lower was attributed to decrease quantity from decreased COVID-19 pandemic demand, elevated operational prices due extreme winter climate in sure areas of the US, commodity inflation, and better freight prices.
Snacking & Drinks unit gross sales fell 8% to $379 million. The change was attributable to decreased retail demand and decrease quantity/combine attributable to divestitures, in keeping with the corporate. Working revenue as a proportion of web gross sales fell lower than 1% and was affected by the decreased demand in addition to greater freight prices.
The corporate reaffirmed its full-year 2021 steerage ranges of adjusted earnings per share between $2.80 and $3.20 and gross sales between $4.4 billion and $4.6 billion.
Commodity inflation stays a difficult challenge for the corporate, however Mr. Oakland mentioned, “I believe the macro atmosphere is so effectively understood by everyone within the chain, whether or not or not it’s our clients, our distributors (or) our companions … We’d not have reaffirmed our yr had we not felt that means.”