RTTNews | Nov 8, 2021 07:15AM EST

07:15 Monday, November 8, 2021 (RTTNews.com) - While reporting financial results for the third quarter on Monday, TreeHouse Foods, Inc. (THS) slashed its adjusted earnings and net sales guidance for the full-year 2021, to reflect the incremental costs to support customers in the face of industry-wide labor availability and supply chain disruption.

For fiscal 2021, the company now projects adjusted earnings from continuing operations in the range of $1.08 to $1.28 per share on net sales between $4.20 billion and $4.325 billion.

Previously, the company expected adjusted earnings from continuing operations in the range of $2.00 to $2.50 per share on net sales between $4.20 billion and $4.45 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.17 per share on revenues of $4.34 billion for the year. Analysts' estimates typically exclude special items.

For the fourth quarter, the company expects adjusted earnings from continuing operations in a range of $0.00 to $0.20 per share on net sales between $1.04 billion to $1.16 billion. Analysts expected earnings of $1.02 per share on revenues of $1.21 billion for the quarter.

For the third quarter, net income declined to $6.7 million or $0.12 per share from $12.1 million or $0.20 per share in the prior-year quarter. Excluding items, adjusted earnings from continuing operations was $0.46 per share, compared to $0.71 per share in the year-ago quarter.

Net sales for the quarter grew 5.3 percent to $1.10 billion from $1.05 billion in the same quarter last year.

The Street was looking for earnings of $0.50 per share on revenues of $1.08 billion for the quarter.

Separately, TreeHouse announced that the Board of Directors has approved a plan to explore strategic alternatives, including a possible sale of the Company or a transaction to allow the Company to focus on its higher growth Snacking & Beverages business by divesting a significant portion of its Meal Preparation business.

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