TreeHouse Meals Broadcasts CFO Transition; Reaffirms Full-12 months 2022 Steering
OAK BROOK, Sick., June 7, 2022 /PRNewswire/ — TreeHouse Meals, Inc. (“TreeHouse Meals” or the “Firm”) (NYSE: THS) in the present day introduced that William J. Kelley Jr. will step down as Government Vice President and Chief Monetary Officer to pursue one other skilled alternative. Mr. Kelley will stay with TreeHouse by means of June 30, 2022 to make sure a clean transition and shall be succeeded on an interim foundation by Patrick O’Donnell, Chief Accounting Officer of TreeHouse Meals. The Firm has engaged an govt search agency to overview candidates for a everlasting chief monetary officer, together with each inside and exterior candidates.
“The transformation work and the capabilities we’ve constructed throughout our group during the last a number of years have positioned us effectively to capitalize on the rising demand for personal label, and I’m assured that Pat will present seamless continuity as we proceed our transformation and seek for a everlasting CFO,” mentioned Steve Oakland, President and Chief Government Officer. “We stay dedicated to serving our prospects and driving development and worth for our shareholders.”
Mr. Oakland added, “Invoice has been an instrumental chief and I wish to thank him for his partnership and lots of contributions to TreeHouse and need him effectively in his future endeavors.”
Mr. Kelley commented, “I’m pleased with all that we achieved during the last six years. Our deal with business and operational excellence, portfolio optimization and folks and expertise has enabled us to create a basically stronger enterprise. I am assured that TreeHouse is in a superb strategic and monetary place and has large alternative forward.”
Mr. O’Donnell has been with TreeHouse for the final 5 years and was lately promoted to Chief Accounting Officer. He beforehand served as Company Controller, and he additionally led Company Monetary Planning & Evaluation and served as Assistant Controller. Previous to becoming a member of the Firm, Mr. O’Donnell held roles with rising duty for greater than 14 years at PricewaterhouseCoopers. He’s a graduate of Marquette College.
As well as, TreeHouse reaffirmed its beforehand issued full yr 2022 steerage1:
- Internet gross sales development of not less than 11% year-over-year. Pricing actions are anticipated to drive nearly all of the gross sales development and are anticipated to be tempered by quantity constraints associated to labor and provide chain disruption.
- Adjusted earnings earlier than curiosity, taxes, depreciation and amortization (“EBITDA”) of $385 to $415 million, up roughly 5% year-over-year on the midpoint. The cadence of earnings is predicted to be weighted towards the second half of the yr, as we count on the influence of labor and provide chain disruption on our profitability and quantity to be most outstanding within the first half.
ABOUT TREEHOUSE FOODS
TreeHouse Meals, Inc. is a number one producer and distributor of personal label meals and drinks in North America. We function in 29 product classes throughout two divisions and have roughly 40 manufacturing services throughout North America and Italy. Throughout our numerous portfolio, we provide better-for-you, pure and natural merchandise and maintain a personal label management place throughout lots of our classes. Our goal is to make top quality meals and drinks inexpensive to all. Our imaginative and prescient is to be the undisputed options chief for our customized manufacturers. Our mission is to create worth as our prospects’ most popular manufacturing and distribution accomplice, offering thought management, superior innovation, and a relentless deal with execution. Our long-term strategic goal is to construct an organization that’s effectively positioned to ship long-term sustainable development and create worth for our shareholders, as enabled by our two-segment construction.
Extra data, together with TreeHouse’s most up-to-date statements on Varieties 10-Q and 10-Ok, could also be discovered at TreeHouse’s web site,
This press launch accommodates “forward-looking” statements throughout the which means of the Personal Securities Litigation Reform Act of 1995. These forward-looking statements and different data are primarily based on our beliefs, in addition to assumptions made by us, utilizing data presently out there. The phrases “consider,” “estimate,” “venture,” “count on,” “anticipate,” “plan,” “intend,” “foresee,” “ought to,” “would,” “may,” and comparable expressions, as they relate to us, are meant to establish forward-looking statements. Such statements mirror our present views with respect to future occasions and are topic to sure dangers, uncertainties, and assumptions. Ought to a number of of those dangers or uncertainties materialize, or ought to underlying assumptions show incorrect, precise outcomes might differ materially from these described herein as anticipated, believed, estimated, anticipated, or meant. We don’t intend to replace these forward-looking statements following the date of this press launch.
Such forward-looking statements, as a result of they relate to future occasions, are by their very nature topic to many essential components that might trigger precise outcomes to vary materially from these contemplated by the forward-looking statements contained on this press launch and different public statements we make. Such components embody, however aren’t restricted to: dangers associated to the influence of the continued COVID-19 outbreak on our enterprise, suppliers, shoppers, prospects, and workers; the success of our development, reinvestment, and restructuring applications; our stage of indebtedness and associated obligations; disruptions within the monetary markets; rates of interest; adjustments in overseas foreign money trade charges; buyer focus and consolidation; uncooked materials and commodity prices; competitors; lack of key suppliers; disruptions or inefficiencies in our provide chain and/or operations, together with from the continued COVID-19 outbreak; our means to proceed to make acquisitions and execute on divestitures in accordance with our enterprise technique or successfully handle the expansion from acquisitions; impairment of goodwill or lengthy lived property; adjustments and developments affecting our trade, together with shopper preferences; the end result of litigation and regulatory proceedings to which we could also be a celebration; product recollects; adjustments in legal guidelines and laws relevant to us; shareholder activism; disruptions in or failures of our data expertise methods; disruptions ensuing from the announcement of the exploration of strategic alternate options; adjustments in climate circumstances, local weather adjustments, and pure disasters; labor strikes or work stoppages; multiemployer pension plans; labor shortages and elevated competitors for labor; and different dangers which are set forth within the Threat Components part, the Authorized Proceedings part, the Administration’s Dialogue and Evaluation of Monetary Situation and Outcomes of Operations part, and different sections of our Annual Report on Type 10-Ok for the yr ended December 31, 2021, and every now and then in our filings with the Securities and Trade Fee (“SEC”). You’re cautioned to not unduly depend on such forward-looking statements, which converse solely as of the date made when evaluating the data introduced on this press launch. TreeHouse expressly disclaims any obligation or enterprise to disseminate any updates or revisions to any forward-looking assertion contained herein, to mirror any change in its expectations with regard thereto, or some other change in occasions, circumstances or circumstances on which any assertion is predicated.
1 The Firm isn’t in a position to reconcile potential adjusted EBITDA or adjusted EBITDA margin (Non-GAAP) to probably the most comparable GAAP monetary measures with out unreasonable effort as a result of inherent uncertainty and problem of predicting the prevalence, monetary influence, and timing of sure gadgets impacting GAAP outcomes. These things embody, however aren’t restricted to, mark-to-market changes of by-product contracts, overseas foreign money trade on the re-measurement of intercompany notes, or different non-recurring occasions or transactions that will considerably have an effect on reported GAAP outcomes.
SOURCE TreeHouse Meals, Inc.