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Treehouse Foods Inc. (THS+0.86%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing net sales of $3,354 million, a decrease from $3,431.6 million in the previous year. The decline is attributed to targeted pricing adjustments, facility restoration impacts, and a voluntary product recall.
Cost of sales was $2,805.6 million, representing 83.6% of net sales, slightly up from 83.2% in the prior year. This increase is linked to recall-related costs and facility restoration expenses.
The company reported a gross profit of $548.4 million, down from $576.1 million in 2023, with a decrease in gross margin due to recall and restoration costs.
Operating expenses totaled $445.3 million, up from $429.2 million in the previous year. This increase was driven by a decrease in Transition Services Agreement income and impairment charges related to the Ready-to-drink beverages asset group.
Net income from continuing operations was $26.9 million, compared to $59 million in the previous year. The decrease is primarily due to lower operating income and higher other expenses.
Cash provided by operating activities was $265.8 million, an increase from $157.3 million in 2023, due to improved working capital management.
Treehouse Foods completed the acquisition of the private brand tea business of Harris Freeman & Co, Inc. on January 2, 2025, aligning with its strategy to build capabilities in higher-growth, higher-margin categories.
The company continues to focus on its strategic growth pillars, including supply chain optimization, platform depth, strategic customer partnerships, and talent leadership.
Treehouse Foods does not anticipate cash dividend payments to common stockholders in the near future, as it plans to retain earnings for business development.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Treehouse Foods Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.