TreeHouse Foods has reported a mixed set of results for its fiscal second quarter, as it continues to integrate the own label business it acquired from ConAgra Foods. The group also announced two changes to its senior executive team.
For the quarter, net profit more than halved to $15.6m, from $31.4m last year, hurt by a voluntary recall of some products. However, revenue more than doubled to $1.54bn, helped by the recent acquisition. Sales to restaurant chains and food distributors rose 28%, while sales in its industrial segment jumped up 84%.
TreeHouse said that CFO Dennis Riordan is set to step down from the post, as he is retiring. The group added that it has begun a search for his replacement. Additionally, it noted that COO Christopher Sliva will now become President.