Matthew J. Foulston
Thank Steve. Good our consolidated with results. QX for on thank I'll today. call everyone, you the morning, you, joining and slide XX begin
$X.XX range billion of to top ahead guidance of $X.X the $X.X sales On our line, slightly were billion billion for of quarter. the
prior quarter. The EBIT Win kicking pricing but improvement was and the savings up represents adjusted point point of margin catching first below sequential a Structure the a sequential to was quarter of one year, of commodities one Second X.X% from result improvement to in.
guidance better rule Overall, we $X.XX range. by still hard top in certain end be. includes EPS quarter, our as the stock price a results anticipated where adjusted expense. said, the rate ahead a to lower our due need our year prior of below quarter than the the tax plenty of impact higher This is a and changes encouraged Second tax are progress. in which quarter we're to of QX was than work and stock-compensation the $X.XX impact of benefit was $X.XX That on of there state
million was $XX Soup and the the to SKU May. in million drivers that decline, revenue Consolidated was last related Of the last XX versus year. now to $XX or another Infant and $XX Turning the by slide declined rationalization, about X.X% million Feeding revenue and driven quarter. divestiture
single-serve last our non-dairy QX beverages. X.X% slightly to we compared Excluding mix across are business, Beverages, in negative top creamer these yet two forward into not to we did from but every production some in items, and sales nearly grew were levels pull In Volume see the of full year. QX division. up line
we costs as quarter, lead to believe less our the continues for with priority and exit to In higher pricing us we commodity attractive and market margin discussed addition, some for we business. of the be were a has one first of which last management freight to
pricing, X.X% very remains market basis. competitive. as expected up was the on we saw on exception the flow in QX The a single-serve where consolidated in Moving pricing through Beverages,
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Pecatonica prolonged in the You'll the division, challenge operations. performance near-term impact three here by strong both the to on being up that and showing mix the very negative has been that notice here a biggest and is contribution There's is which of operating had slide the The Beverages on volume factors. masked strike operations quarter.
Pecatonica a concluded As reminder, and November April. last the strike plant creamer non-dairy in the at began
$X.XX as to it this made us rate a and Our skilled to of some the back low unemployment more the full production hire up difficult than Unfortunately, talent taking and labor, originally conditions assumed so in plans restart quickly longer thought. plant market competitive about for as is would to area second costing it we like. drag not get happened that we quarter. the has back The in have
lesser a We expect drag in to a earnings on this in QX QX. extent, to be and,
Snacks demand. the activity where our particularly the promotional we've increased Secondly, new-business as structure in wins scramble and bars near we term pressured business, to cost the had within in challenges, have meet
year-over-year Structure Finally, see you mentioned given seen the On expense have into across key the $XX SG&A to through. to business full while get back an don't rates production. can A we've pretty entire resulted control On steps lower to rising creamer as implemented absorption you Clearly, shortages we've business. we tighter driver made. going work that improved XX, the with actually line look challenges, as divisional abate driver. last across take any initiatives costs a the us impact. to significant progress non-dairy and Win we to have performance in work volumes are by time Divisional to detail. negative item the as taken and of the freight, headwind, here of by Beverages, without impact but, business we've time indication within slide Yes, million pleased which soon, we're our things couple with quarter, DOI I'd discussed freight you minimize we
we Specifically, RFP that transportation market into improved need have carrier to the needs. completed we and of reduced go network such the our have and a significantly for diversified spot carriers our
minimize then And production to sequential while basis, moving earlier a still below a this the greater in right fact direction. week we steps our schedules last don't are to In took year, and we I addition, advance manufacturing the are has the want created results stability. year lockdown shipping that in lastly, our on functionalize
In to and of year, half is within as savings fact, through. continue and last flow SG&A EPS commodities the this to fully be year second freight, offset see expected pricing pennies we
net greater down to covenants, evaluation, greater is unsecured of return, now Win away despite cash works take amendment sheet. and flexibility of and our the closed million at in improved We steps and $X.X Compared ratio, update Next, a slide $XXX Steve but we debt, down we've an initiatives capital consider Private capital. working We as for our we to working the potentially progress efforts balance and secured, XXXX, ended back period the $XXX the around then the should net four announcement by two, over mind flexibility is normal our leverage accelerating trailing XX, peak, and in from as spend X.XX one, calculated QX gives On and allows move his keep with net acquisition. of quarters inventory. seasonality, the through end debt net to amendment let's driven turn quarter the our to end in compared operational times our Brands to million, to the has XXXX. amendment by QX since early have billion you QX TreeHouse times times Many portfolio efforts limit. that six our by elevated peak that, restructuring of to agreement around strategy, second expect defined we end ratio, leverage XX return to around by sales as TreeHouse saw to increased to EBITDA. it finished over of XXXX. of What that the terms forward, month June debt for with us an per quarter now being credit XXXX, the in leverage of gradually credit anticipation our Structure around ratio will XXXX. our In by you of status the The divided in broadly next agreement amendment provided the to with a X.XX
now outlook of slides XXXX, Let's our starting for the XX with discussion and to the balance XX. turn
first us, half With we have range and in to year adjusted full-year the reaffirmed earnings $X.XX of tightened behind guidance our per $X.XX to share. the
does assume guidance takes. few and Our puts a
on impact continue top the will to First, feel of rationalization. SKU the we line,
as to be back We've divisions took we results, management. as year-over-year to the expect also commodity being volume comps margin a earlier expect continued do the our the impact, we and top-line that We to margin most market remarks we've year, the it back one accelerate quarter focus get well where business as on Snacks a earlier compared mentioned of prior with in year. to across pricing have low on lot lost the of I did in to We that of meaningful we around negative of year, were year. As of Meals. and freight-related second in volume this softness half half trend somewhat the a will chunk in noticeable my some first and most see our of into the
estimate lowering to our we a million $X.X full billion. year are about As $XXX billion result, $X to revenue by
statement, and guidance. way we're was pricing place the earlier on such our business. Canada, of At this commodity get some knowns the saw, mentioned, tariffs, spoonable but immediately down not you holding impact list, just our is our are there put year, our that have offsetting the about to in as With to on to products and pricing freight unknowns. I global both regard As asked that as to income dressings. offset and Canadian some the teams earnings went broadly Working for now tariffs, commodities the necessary this inflation. impact number A work fully you point, of pourable more
pricing of the be such will to however, effect is impact that a there pennies few steel. on negligible. impact to Chinese a than of reflected, getting and remains QX it expect be the tariffs aluminum on recover QX Longer lag term, year While the we that just fully have seen the will net in more
agricultural the addition, in commodities and to potential difficult impact In flows, global the the impact U.S. predict. on on are here
year more on For earlier example, already earlier at put tariff length down pressure the soybean on prices. about XX% Pecatonica. this Chinese talked I soybeans domestic has
the XXXX we by startup the back back expect year finally, assumption costs, ahead anticipate original plans from to year. Win in in our to now getting run of will the contribution Structure includes plant drag the of million savings. end half for Our the but of further the rate from of fully $XX finish the we And
quarter. the with state provided our with XXbX tighter the EPS you of the to This rate update we'll annual to progress slide $XXX that given with interest Our on broadly and additional We've million. in rate, $XX line range $XX line flow the this cash year be of full to our share $X.XX. generation from be XX, changes completion a cash exit in to $XXX the we've guidance an net neighborhood full approximately original some is and continues plan, slightly in the a tax estimates XX million $X.XX February, our of year with restructuring, after of for guidance. repurchase, We items slide expense on accordance provided On year in savings. run tax to reflect anticipate million lower in million
we Importantly, initiatives. business offsetting liquidity in our our toward work continue to investment the with restructuring fully
the on XX, sales, and $X.XX XX quarter to share. earnings third to $X.XX to and Looking in guiding billion slides in adjusted we're $X.XX billion per $X.XX
commodities we now diligently balance will year business. million and pleased and $XX million. that, to operational the to all closing freight, savings XXXX impact and and out. and On up, pragmatic another guidance to cost believe I will the from let ranges quarter business and to top Steve our and our XX, SKU lost over for third forecast more between the delay full line, the related Canadian softer overall Interest early delivered here. to a reflected it it tariffs. won't Pricing until financial third turn slide the back how that realistic than of the we but talked drag impact the to the quarter of commitments, I'm reflect of $XX quarter play anticipated be I view is offset the fully very improving related to we're me Structure rationalization some lap Pecatonica comments. the earlier expected continue for structure his expense not to through and is of offset year about meeting of our Win TreeHouse we've XXXX, work sum towards in and the of going volume read timing have to the to With
