By Dean Seal
TreeHouse Foods lowered its sales guidance for 2023 to account for slowing consumer spending and its recent $63 million sale of its snack-bars business to John B. Sanfilippo & Son.
The private-label food manufacturer now expects sales, adjusted for the recent divestiture of its snack-bars business, to rise about 4.5% at the midpoint to a range of $3.435 billion to $3.465 billion. TreeHouse previously guided for net sales to rise 7.5% to 9.5% to $3.71 billion to $3.78 billion.
The new range reflects the divestiture as well as a voluntary product recall, a supply chain disruption that occurred late in the quarter and weakening consumer demand trends, TreeHouse said.
TreeHouse still expects adjusted earnings before interest, taxes, depreciation and amortization to be $360 million to $370 million, up by a quarter at the midpoint from last year.
Write to Dean Seal at [email protected]
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