adminBy Dean Seal
Shares of TreeHouse Foods advanced after the company posted higher sales and swung to a profit for the third quarter.
The stock rose 7.7% to $45.77 in premarket trading. Shares were down 14% year-to-date when the market closed last week.
The private-label food manufacturer said sales were up 3.6% at $863.3 million. Adjusted to include the snack bars business that it sold in September, sales were $906.6 million.
The company posted a profit of $7.1 million, or 13 cents a share, compared with a net loss of $90.5 million, or $1.61 a share, in the same quarter a year ago. Last year’s quarterly loss was driven by TreeHouse’s divestiture of a significant portion of assets from its meal preparation business.
TreeHouse said case units were up 1% in the core retail business and that it outperformed the broader market in the retail channel.
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