TreeHouse Foods slumps after annual sales forecast cut

TreeHouse Foods

12/11/2024 16:15

(Updates)
    ** Shares of food processing company TreeHouse Foods  THS.N 
fall as much as 24% to a roughly 15-year low of $28.04
        ** Stock now down 17%, set for worst day since November
2017 if losses hold
  
    ** Company cuts annual adj sales forecast range to $3.37
bln-$3.40 bln from $3.71 bln-$3.78 bln
    ** TreeHouse says forecast cut due to weakening consumption
trends and estimated impact from voluntary recall of frozen
griddle products in Q3
    ** Company posts Q3 revenue of $839.1 mln vs est of $881.1
mln - LSEG data
    ** Forecasts Q4 adj net sales between $900 mln and $930 mln
vs est of $966.7 mln
    ** Brokerage Stifel says softer demand for TreeHouse's
private-label offerings, the 2024 guidance reduction and
knock-on effect for 2025 estimates are likely to weigh on shares
    ** As of Monday's close, stock down ~10% YTD

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com))