Latest news with #TreeHouse
Scotsman
6 days ago
- Entertainment
- Scotsman
Look inside the bright and luxurious bungalow that's made the final of Scotland's Home of the Year
The excitement is mounting, as we catapult towards the grand finale of Scotland's Home of the Year on June 2. It takes place at Glasgow's House for an Art Lover, where six sets of nervous property owners discover who's taking the grand prize. They include Pamela and Gordon Bain of the Sandstone Bungalow in Giffnock. Their home became the first finalist way back in episode one, the West heat, which was screened in April. At the decider, it'll be going up against Hilltop House, Pitmedden; Wee City Nook, Edinburgh; The Tree House, Broughty Ferry; An Cala Cottage on the Isle of Skye and Craigmount, near Dalbeattie. It's stiff competition, but the bungalow's owners should clear room on a mantelpiece, just in case. After all, the judges were completely blown away, and each awarded it a 10. They only had positive things to say. Even if they don't win, the Bain family are amazed to make it this far. 'It was absolutely bizarre. You know, we really weren't expecting to get to the final,' says Pamela, who works as a graphic designer. 'To be honest, it would just be lovely to be featured, as we've always watched the programme. Well, I certainly have. We just thought this would be a fun experience that would celebrate all the work we've done in the house'. Since appearing on the show, Pamela has been glued to series seven. Her favourite contenders, apart from her own, have been The Tree House and An Cala Cottage. As their episode revealed, Pamela and her family - husband, Gordon Bain, son, Caleb, and their Irish setter - have been at their Thirties property for five years. They transformed it, which meant spending almost every weekend and evening to get it to the stage that made the SHOTY judges' eyes turn to saucers. The team loved that the house featured plays on contrasting colours, with rooms painted in light shades that had dramatically dark floors, and vice versa,. Then there was the wooden herringbone floor that extends from the vast hallway and into the kitchen. As well as changing the decor, the family have added a cool zinc-clad extension, to create an open plan cooking and living space. This is where Pamela placed her SHOTY favourite spot loveheart, as the dual aspect means she can keep an eye on both the dog and her son. Banjo Beale loved it here too, and said he wanted to make pancakes. 'He's welcome to come round and do that, any time,' Pamela says. After the property had been on the show and was revealed as a finalist, the Bains had lots of proud friends getting in contact. 'They were all so happy for us and were shouting about it on social media, and it was really nice to have that support,' she says. Apparently, when Caleb went to school, other kids mentioned that they'd spotted him in the show. 'He thought it was so funny that people were coming up to him saying, 'well done',' says Pamela. He's bound to be popular among his friends, as one of the bungalow's rooms, which wasn't featured on the programme, is a cinema space, where he can watch films with his pals. This may be a modern addition, but the judges on SHOTY loved that the Bains had leant into the property's Thirties features, and hadn't ripped out elements,for the sake of it. For example, it retains its stained glass, as well as original fitted wardrobes in the main bedroom and, in a bathroom, they have the rather unique addition of a blue loo. Instead of replacing this with something neutral, they painted the whole room dark blue, wallpapered the ceiling with a landscape print, and managed to celebrate their pastel cludgie. The judges also loved the use of Pamela's dark wood antique furniture, including a drinks trolley and sideboard, that she has showcased in the dining room. She inherited those pieces from her granny, and the judges thought that the setting made them look contemporary. 'We did buy the house, thinking that they would look good in it,' she says. There are also lots of other cool objects scattered around the house. Things that you wouldn't find everywhere, like the pretty pink glass kitchen pendant lights, a vintage chandelier and saffron-coloured curtains that graze the floor. They're testament to Pamela's magpie-like skills. 'There's a lot of secondhand buys from charity shops and vintage warehouses, but also there's a huge amount of high street,' she says. 'I'm not snobby when it comes to buying a vase from a supermarket. When I see something that I think reflects our personality, then I'll get it, and it doesn't really matter where it's from. I think having a nice collection of different things makes it feel a bit more unique and full of personality'. When it comes to design, Pamela gets much of her inspiration online and has her own Instagram account, @perfecting_the_house 'I mostly use Pinterest for ideas. I'm doing a lot of boards, and also I look at Instagram, as there are lots of home accounts, and I obviously share my home on there as well,' she says. 'So, there's a big community, just sharing inspiration'. Since appearing on the show, Pamela has, unsurprisingly, had more folk than usual asking her for design advice. 'I've got a lot of very talented friends, so they don't need any help, but I do get people asking for input,' she says. 'I love that. I'm very much up for helping. I've got a colour and a pattern sort of eye'. The Scotland's Home of the Year final is on June 2, 8.30pm, BBC Scotland, BBC Scotland have opened applications for Scotland's Home of the Year 2026, see 2 . TV room and snug IWC Media Photo: IWC Media Photo Sales 3 . Dining room with granny's furniture and pale pink walls IWC Media Photo: IWC Media Photo Sales 4 . The kitchen, with what Danny described as a 'ceiling lantern' IWC Media Photo: IWC Media Photo Sales
Yahoo
21-05-2025
- Business
- Yahoo
TreeHouse Foods to Participate in June 2025 Investor Conferences
OAK BROOK, Ill., May 21, 2025 /PRNewswire/ -- TreeHouse Foods, Inc. (NYSE: THS) announced today participation in the following investor conferences in June: June 4, 2025: William Blair 45th Annual Growth Conference in Chicago, Illinois. TreeHouse Foods will be available for 1x1 meetings and will present beginning at 8:40 a.m. CT on Wednesday, June 4, 2024. A live audio webcast and presentation will be available on the Company's website: William Blair 45th Annual Growth Stock Conference. A replay of the presentation will also be available on TreeHouse Foods investor relations website for 60 days. June 17, 2025: Jefferies Consumer Conference in Nantucket, Massachusetts. TreeHouse Foods will be available for 1x1 meetings that day. 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 Foods' investor relations website. RELATED LINKShttp:// View original content: SOURCE TreeHouse Foods, Inc.
Business Insider
13-05-2025
- Business
- Business Insider
TreeHouse up 1% afterhours following increased stake by Jana Partners
In a regulatory filing, TreeHouse (THS) disclosed that Jana Partners increased its stake by 566K shares or $12.7M. Shares of TreeHouse are up 1% afterhours at $23.31. Protect Your Portfolio Against Market Uncertainty Discover companies with rock-solid fundamentals in TipRanks' Smart Value Newsletter. Receive undervalued stocks, resilient to market uncertainty, delivered straight to your inbox. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
The Herald Scotland
12-05-2025
- Entertainment
- The Herald Scotland
Scotland's Home of the Year: when did it get so highfalutin?
BACK in the olden days of 2019, the year SHOTY began, it did not take much to impress viewers. A cleverly placed skylight or nicely restored parquet flooring was enough to send us racing to B&Q, ready to recreate the look in our own humble gaffs. But these days, don't even think of coming through the door unless you know your enfilade from your Zellige tiles, your Eames combo from your Togo sofa. In Scotland, in some parts at least, we're all design freaks now. At the halfway mark of the competition, the judges went to Central and Tayside (spoilers ahead). First stop was the Tree House in Broughty Ferry. Designed by a young architect 60 years ago for his own family, the modernist building had lain empty for five years till Jackie and Paul came along to restore it and add some magic of their own. Read more For judge Danny it was love at first sight. An architect by trade, Danny is usually the first to wheel out his specialist knowledge, but this time he was beaten to the punch by fellow judge and interior designer Anna. 'It's a classic modernist move to connect spaces with partial walls, setting the rooms up enfilade,' she declared. 'Enfilade?' asked Banjo. 'It means without corridors,' said Anna. Not wishing to be left out, Danny started to bang on about 'clean lines' and 'creating volumes'. On to the kitchen and even Banjo, normally such a grounded sort, felt the need to stick his design oar in, praising the Zellige tiles. A quick Google search revealed these to be Moroccan and known for their 'irregularity of appearance' or, to use a more familiar term, wonkiness. Home of the year (Image: PHOTOGRAPHER:IWC Media) All we really wanted to see was the rest of the house - gorgeous - before stopping off at The Dairy, a farm steading conversion in Deanston near Doune. With its hand-painted animal wallpaper, Welsh blankets and tray of empire biscuits, The Dairy restored the mood to silliness as usual. The Carriage House, a Victorian conversion in Auchterarder, was the final contender. Audrey and Malcolm's home had some oddly shaped rooms. In the TV room the sofas were away from the walls and placed at a 45-degree angle. 'My feng shui is pinging,' said Banjo. 'I don't know if that's the way to do it.' They spent so long assessing furniture angles there was hardly any time to praise the jewel in the crown - the garden (above). It had taken Audrey 17 years to get the outside as she wanted it, and every minute had been well spent. Magnificent. I know it's Scotland's home of the year and not Scotland's garden, but maybe there's scope for another programme along those lines. With the original SHOTY now so highfalutin, getting back to basics could be just the thing. The winner was never in any doubt, with The Tree House five points clear of the other contenders. Next week, it is on to the Highlands and Islands. What are our chances of spotting shadow gap skirting there?
Yahoo
06-05-2025
- Business
- Yahoo
TreeHouse Foods, Inc. Reports First Quarter 2025 Results
The net sales decrease of 3.5% was primarily due to unfavorable volume/mix related to planned margin management actions, broader macroeconomic consumption trends, and service impacts related to the voluntary recall of frozen griddle products. Additionally, the RTD business exit contributed to the decrease. This was partially offset by the acquisition of the private brand tea business, favorable pricing to recover commodity inflation, and distribution gains. Net Sales — Net sales for the first quarter of 2025 totaled $792.0 million compared to $820.7 million for the same period last year, a decrease of $28.7 million, or 3.5%. The change in net sales from 2024 to 2025 was due to the following: Mr. Oakland continued, "As we look ahead, we are remaining steadfast in the plan I articulated last quarter. We are controlling the controllables and ensuring that we provide best in class service for our retail customers at a time when they need us. These actions have and will enable us to grow profits and cash flow regardless of the environment and position the business for significant operating leverage when our categories return to higher growth rates." "I am grateful to the entire TreeHouse team for its execution this quarter, which resulted in Adjusted EBITDA that exceeded the upper-end of our guidance range," said Steve Oakland, Chairman, Chief Executive Officer, and President. "We restored production capacity at our Brantford frozen griddle facility and implemented plans to drive margin and execution consistent with our focus on profitability and cash flow growth. I continue to believe private brands are well positioned to offer value to our customers and the consumer." OAK BROOK, Ill., May 6, 2025 /PRNewswire/ -- TreeHouse Foods, Inc. (NYSE: THS) today reported financial results for the first quarter of 2025. Reaffirmed 2025 outlook of adjusted net sales of $3.34 to $3.40 billion, adjusted EBITDA of $345 to $375 million, and free cash flow 2 of at least $130 million. Story Continues Gross Profit — Gross profit as a percentage of net sales was 14.5% in the first quarter of 2025, compared to 13.6% in the first quarter of 2024, an increase of 0.9 percentage points. The increase in Gross profit is primarily due to the execution of supply chain savings initiatives, favorable pricing to recover commodity inflation, and a mix benefit from Harris Tea. Total Operating Expenses — Total operating expenses were $120.7 million in the first quarter of 2025 compared to $117.2 million in the first quarter of 2024, an increase of $3.5 million. The increase is due to increased restructuring costs primarily related to severance expense, which was partially offset by lower freight and commission costs. Total Other Expense — Total other expense was $38.1 million in the first quarter of 2025 compared to $10.1 million in the first quarter of 2024, an increase in expense of $28.0 million. This was primarily due to a $24.0 million unfavorable change in non-cash mark-to-market impact from hedging activities, largely driven by interest rate swaps. Additionally, the Company had an increase of $3.7 million in interest expense primarily due to an increase in borrowings on our Revolving Credit Facility and a loss on extinguishment of debt of $2.6 million during the first quarter of 2025. This was partially offset by a favorable currency exchange rate impact of $3.7 million between the U.S. and Canada. Income Taxes — Income taxes were recognized at an effective rate of 27.1% in the first quarter of 2025 compared to 23.5% recognized in the first quarter of 2024. The change in the Company's effective tax rate is primarily driven by changes in the amounts of executive compensation that is not deductible for tax purposes and the estimated amount of annual pre-tax earnings. Net Loss and Adjusted EBITDA — Net loss for the first quarter of 2025 was $31.8 million, compared to $11.7 million for the same period of the previous year. Adjusted EBITDA1 was $57.5 million in the first quarter of 2025, compared to $46.0 million in the first quarter of 2024, an increase of $11.5 million. The increase in Adjusted EBITDA is primarily due to supply chain savings initiatives, favorable pricing to recover commodity inflation, and the accretive impact of the Harris Tea acquisition. Net Cash Used In Operating Activities — Net cash used in operating activities was $53.5 million in the first three months of 2025 compared to $52.4 million in the first three months of 2024, an increase in cash used of $1.1 million, which was mostly attributable to timing of working capital. OUTLOOK2 TreeHouse Foods reiterated its previously issued full year 2025 guidance: Adjusted net sales in a range of $3.340 billion to $3.400 billion, which represents a decline of approximately 1% to growth of approximately 1% year-over-year driven by: Volume/mix, which are expected to decline approximately 1% year-over-year due to: Organic volume/mix decline approximately 1% Harris Tea volume benefit offset by previously announced decision to exit the Ready-to-drink ("RTD") business and other margin management actions, along with one-time impact of frozen griddle product recall. Pricing, which is expected to provide an approximately 1% benefit. Adjusted EBITDA is expected in a range of $345 million to $375 million. Net interest expense is continued to be expected in the range of $80 to $90 million. The Company expects capital expenditures of approximately $125 million. The Company expects free cash flow of at least $130 million. With regard to the second quarter, TreeHouse Foods expects the following: Second quarter adjusted net sales are expected in a range of $785 to $800 million, which represents approximately flat growth year-over-year at the mid-point. Organic volume and mix are expected to decline mid-single digits, driven primarily by continued margin management actions and the griddle product recall. Pricing is expected to provide an approximately 1% benefit. Second quarter adjusted EBITDA is expected in a range of $61 to $71 million, which reflects the shift of $6 million of spend into Q2 from Q1. ________________________________________________ 1 Adjusted EBITDA, adjusted net sales, and free cash flow 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 net sales, adjusted EBITDA 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 first 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 . 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, 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. EBITDA, EBITDA Margin, Adjusted EBITDA, and Adjusted EBITDA Margin, Adjusting for Certain Items Affecting Comparability EBITDA margin is defined as EBITDA as a percentage of net sales. Adjusted EBITDA margin is defined as adjusted EBITDA as a percentage of adjusted net sales. EBITDA represents net loss before interest expense, interest income, income tax benefit, and depreciation and amortization expense. Adjusted EBITDA reflects adjustments to EBITDA 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 product recalls and related costs, restructuring programs, acquisition, integration, divestiture, and related costs, loss on extinguishment of debt, 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 and adjusted EBITDA 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 Net Sales, Adjusted Cost of Sales, Adjusted Gross Profit, Adjusted Total Operating Expenses, Adjusted Operating Income, Adjusted Total Other Expense, Adjusted Income Tax Expense (Benefit), Adjusted Net Income (Loss), and Adjusted Diluted Earnings (Loss) Per Share, Adjusting for Certain Items Affecting Comparability Adjusted net sales, adjusted cost of sales, adjusted gross profit, adjusted total operating expenses, adjusted operating income, adjusted total other expense, adjusted income tax expense (benefit), and adjusted net income (loss) represent their respective GAAP presentation line item adjusted for items such as product recalls and related costs, restructuring programs, acquisition, integration, divestiture, and related costs, loss on extinguishment of debt, 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 adjusted net sales compared to its respective reported GAAP presentation line item as a percentage of net sales. Adjusted diluted earnings (loss) per share ("Adjusted diluted EPS") is determined by dividing adjusted net income (loss) 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. 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 In addition to measuring our 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 (a Non-GAAP measure) which represents net cash used in operating activities, less capital expenditures and proceeds from sales of fixed assets. We 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 for the three months ended March 31, 2025 and 2024 calculated according to GAAP and free cash flow 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, . 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; product recalls; 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 restructuring programs; our level of indebtedness and related obligations; disruptions in the financial markets; uncertain effects, both direct and indirect, of changes and volatility in tariffs and trade policies; 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; 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, 2024, 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) March 31, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 16.4 $ 289.6 Receivables, net 132.7 146.8 Inventories 589.2 539.3 Prepaid expenses and other current assets 37.2 34.0 Total current assets 775.5 1,009.7 Property, plant, and equipment, net 757.5 748.6 Operating lease right-of-use assets 190.9 154.4 Goodwill 1,889.1 1,819.3 Intangible assets, net 278.7 212.9 Other assets, net 35.6 35.1 Total assets $ 3,927.3 $ 3,980.0 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 509.4 $ 602.5 Accrued expenses 165.9 141.3 Current portion of long-term debt 5.4 1.1 Total current liabilities 680.7 744.9 Long-term debt 1,417.4 1,401.3 Operating lease liabilities 153.8 125.4 Deferred income taxes 104.6 105.8 Other long-term liabilities 51.9 53.7 Total liabilities 2,408.4 2,431.1 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, 50.4 and 50.2 shares outstanding as of March 31, 2025 and December 31, 2024, respectively 0.6 0.6 Treasury stock (385.4) (385.4) Additional paid-in capital 2,240.0 2,238.4 Accumulated deficit (253.8) (222.0) Accumulated other comprehensive loss (82.5) (82.7) Total stockholders' equity 1,518.9 1,548.9 Total liabilities and stockholders' equity $ 3,927.3 $ 3,980.0 TREEHOUSE FOODS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in millions, except per share data) Three Months Ended March 31, 2025 2024 Net sales $ 792.0 $ 820.7 Cost of sales 676.8 708.7 Gross profit 115.2 112.0 Operating expenses: Selling and distribution 36.4 42.9 General and administrative 55.7 55.8 Amortization expense 13.1 12.1 Other operating expense, net 15.5 6.4 Total operating expenses 120.7 117.2 Operating loss (5.5) (5.2) Other expense: Interest expense 19.3 15.6 Interest income (2.8) (4.0) Loss on extinguishment of debt 2.6 — (Gain) loss on foreign currency exchange (0.3) 3.4 Other expense (income), net 19.3 (4.9) Total other expense 38.1 10.1 Loss before income taxes (43.6) (15.3) Income tax benefit (11.8) (3.6) Net loss $ (31.8) $ (11.7) Earnings (loss) per common share: Basic $ (0.63) $ (0.22) Diluted (0.63) (0.22) Weighted average common shares: Basic 50.3 53.8 Diluted 50.3 53.8 TREEHOUSE FOODS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in millions) Three Months Ended March 31, 2025 2024 Cash flows from operating activities: Net loss $ (31.8) $ (11.7) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 41.4 36.6 Stock-based compensation 5.6 5.7 Loss on extinguishment of debt 2.6 — Unrealized loss (gain) on derivative contracts 17.0 (7.0) Other, net (0.9) 5.0 Changes in operating assets and liabilities, net of acquisitions: Receivables 27.5 2.9 Inventories (8.0) (9.6) Prepaid expenses and other assets (14.4) (8.4) Accounts payable (103.2) (48.2) Accrued expenses and other liabilities 10.7 (17.7) Net cash used in operating activities (53.5) (52.4) Cash flows from investing activities: Capital expenditures (25.9) (28.3) Proceeds from sales of fixed assets 4.1 0.2 Acquisition, net of cash acquired (209.3) — Net cash used in investing activities (231.1) (28.1) Cash flows from financing activities: Borrowings under Revolving Credit Facility 697.3 — Payments under Revolving Credit Facility (672.3) — Payments on financing lease obligations (0.3) (0.1) Payment of deferred financing costs (3.7) — Payments on Term Loans (905.0) — Proceeds from refinanced Term Loans 899.2 — Repurchases of common stock — (43.9) Payments related to stock-based award activities (4.0) (3.8) Net cash provided by (used in) financing activities 11.2 (47.8) Effect of exchange rate changes on cash and cash equivalents 0.2 (0.2) Net decrease in cash and cash equivalents (273.2) (128.5) Cash and cash equivalents, beginning of period 289.6 320.3 Cash and cash equivalents, end of period $ 16.4 $ 191.8 Three Months Ended March 31, 2025 2024 Supplemental cash flow disclosures: Interest paid $ 27.2 $ 26.3 Net income taxes paid 0.9 0.6 Non-cash investing and financing activities: Capital expenditures incurred but not yet paid 15.9 11.7 Right-of-use assets obtained in exchange for lease obligations 40.9 (1.7) Preliminary purchase price adjustment for private brand tea business acquisition 2.0 — Accrued deferred financing costs 0.2 — The following table reconciles the Company's net loss to EBITDA and adjusted EBITDA, for the three months ended March 31, 2025 and 2024: TREEHOUSE FOODS, INC. RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED EBITDA (Unaudited, in millions) Three Months Ended March 31, 2025 2024 Net loss (GAAP) $ (31.8) $ (11.7) Interest expense 19.3 15.6 Interest income (2.8) (4.0) Income tax benefit (11.8) (3.6) Depreciation and amortization 41.4 36.6 EBITDA (Non-GAAP) 14.3 32.9 Mark-to-market adjustments(1) 17.0 (7.0) Restructuring programs & other, excluding accelerated depreciation(2) 15.4 6.7 Product recalls and related costs(3) 5.9 6.9 Loss on extinguishment of debt(4) 2.6 — Acquisition, integration, divestiture, and related costs(5) 2.5 4.1 Foreign currency (gain) loss on re-measurement of intercompany notes(6) (0.2) 2.4 Adjusted EBITDA (Non-GAAP) $ 57.5 $ 46.0 % of net sales Net loss margin (4.0) % (1.4) % EBITDA margin 1.8 % 4.0 % % of adjusted net sales Adjusted EBITDA margin 7.2 % 5.6 % During the three months ended March 31, 2025 and 2024, the Company entered into transactions that affected the year-over-year comparison of its financial results as follows: (1) The Company's derivative contracts are marked-to-market each period. The non-cash unrealized changes in fair value recognized in Other expense (income), 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. (2) The Company's restructuring and margin improvement activities are part of an enterprise-wide transformation to improve the long-term profitability of the Company. During the first quarter of 2025, the Company recognized $2.9 million of accelerated depreciation within the Company's restructuring activities as depreciation expense. (3) Griddle Recall and Related Costs On October 18, 2024, the Company initiated a voluntary recall of certain frozen waffle products produced at its Brantford, Ontario, Canada facility, and on October 22, 2024, the Company expanded its voluntary recall to include all products manufactured at the Brantford facility that are still within their shelf-life. For the three months ended March 31, 2025, the Company recognized incremental charges of $5.8 million, which includes $5.5 million for estimated product returns and claims and non-cash inventory write-offs of $0.3 million. Broth Recall and Related Costs On September 22, 2023, the Company initiated a voluntary recall of certain broth products produced at its Cambridge, Maryland facility and has since been executing a turnaround plan to restore the facility operations. As a result of these restoration activities, during the three months ended March 31, 2025, the Company incurred $0.1 million of costs. During the three months ended March 31, 2024, the Company incurred incremental costs related to the product recall of $6.9 million, which include non-cash plant shutdown charges of $4.4 million, non-cash inventory write-offs of $2.3 million, and other costs, including product returns and logistics, of $0.2 million. (4) During the three months ended March 31, 2025, the Company incurred a loss on extinguishment of debt, which included a write off of deferred financing costs of $2.6 million in connection with the Credit Agreement refinancing. (5) 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 months ended March 31, 2025, $1.9 million was classified in Cost of sales, $0.3 million was classified in General and administrative, and $0.3 million was classified in Net sales. During the three months ended March 31, 2024, $2.0 million was classified in General and administrative, $1.9 million was classified in Cost of sales, and $0.2 million was classified in Other operating expense, net. (6) 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. The following tables reconcile the Company's Adjusted net sales, Adjusted cost of sales, Adjusted gross profit, Adjusted total operating expenses, Adjusted operating income, Adjusted total other expense, Adjusted income tax expense (benefit), and Adjusted net income (loss) to their most directly comparable GAAP measure, for three months ended March 31, 2025 and 2024: TREEHOUSE FOODS, INC. RECONCILIATION OF NON-GAAP MEASURES (Unaudited, in millions, except per share amounts) Three Months Ended March 31, 2025 Net sales Cost of sales Gross profit Total operating expenses Operating (loss) income Total other expense Income tax (benefit) expense Net (loss) income As reported (GAAP) $ 792.0 $ 676.8 $ 115.2 $ 120.7 $ (5.5) $ 38.1 $ (11.8) $ (31.8) Adjustments: Mark-to-market adjustments(1) — — — — — (17.0) — 17.0 Restructuring programs & other, including accelerated depreciation(2) — (2.8) 2.8 (15.5) 18.3 — — 18.3 Product recalls and related costs(3) 3.7 0.1 3.6 (2.3) 5.9 — — 5.9 Loss on extinguishment of debt(4) — — — — — (2.6) — 2.6 Acquisition, integration, divestiture, and related costs(5) 0.3 (1.9) 2.2 (0.3) 2.5 — — 2.5 Foreign currency gain on re-measurement of intercompany notes(6) — — — — — 0.2 — (0.2) Taxes on adjusting items — — — — — — 12.8 (12.8) As adjusted (Non-GAAP) $ 796.0 $ 672.2 $ 123.8 $ 102.6 $ 21.2 $ 18.7 $ 1.0 $ 1.5 As reported (% of net sales) 14.5 % 15.2 % (0.7) % 4.8 % (1.5) % (4.0) % As adjusted (% of adjusted net sales) 15.6 % 12.9 % 2.7 % 2.3 % 0.1 % 0.2 % Earnings (loss) per share: Diluted $ (0.63) Adjusted diluted $ 0.03 Weighted average common shares: Diluted for net loss 50.3 Diluted for adjusted net income 50.4 Three Months Ended March 31, 2024 Net sales Cost of sales Gross profit Total operating expenses Operating (loss) income Total other expense Income tax benefit Net loss As reported (GAAP) $ 820.7 $ 708.7 $ 112.0 $ 117.2 $ (5.2) $ 10.1 $ (3.6) $ (11.7) Adjustments: Mark-to-market adjustments(1) — — — — — 7.0 — (7.0) Restructuring programs & other(2) — — — (6.7) 6.7 — — 6.7 Product recalls and related costs(3) 0.9 (6.0) 6.9 — 6.9 — — 6.9 Acquisition, integration, divestiture, and related costs(5) — (1.9) 1.9 (2.2) 4.1 — — 4.1 Foreign currency loss on re-measurement of intercompany notes(6) — — — — — (2.4) — 2.4 Taxes on adjusting items — — — — — — 3.2 (3.2) As adjusted (Non-GAAP) $ 821.6 $ 700.8 $ 120.8 $ 108.3 $ 12.5 $ 14.7 $ (0.4) $ (1.8) As reported (% of net sales) 13.6 % 14.3 % (0.6) % 1.2 % (0.4) % (1.4) % As adjusted (% of adjusted net sales) 14.7 % 13.2 % 1.5 % 1.8 % — % (0.2) % Earnings (loss) per share Diluted $ (0.22) Adjusted diluted $ (0.03) Weighted average common shares: Diluted for net loss 53.8 Diluted for adjusted net loss 53.8 TREEHOUSE FOODS, INC. RECONCILIATION OF NET CASH USED IN OPERATING ACTIVITIES TO FREE CASH FLOW (Unaudited, in millions) Three Months Ended March 31, 2025 2024 Cash flow used in operating activities (GAAP) $ (53.5) $ (52.4) Capital expenditures (25.9) (28.3) Proceeds from sales of fixed assets 4.1 0.2 Free cash flow (Non-GAAP) $ (75.3) $ (80.5) Cision View original content: SOURCE TreeHouse Foods, Inc.
