TreeHouse Foods Boosts 2009 Profit Forecast

WESTCHESTER, Ill. (AP) — TreeHouse Foods Inc. raised its profit guidance for 2009 on Thursday after reporting that its first-quarter profit spiked due to lower expenses and a strong performance by its retail grocery segment.

TreeHouse now expects its full-year profit to range from $1.82 to $1.87 per share, up from its previous guidance of $1.80 to $1.85 per share.

Analysts surveyed by Thomson Reuters expect a profit of $1.84 per share.

"Although unit growth has been challenged by declines in the food away from home market, we are encouraged by the unit growth we saw in our key retail grocery product categories, especially salsa, salad dressings and sauces," said Sam Reed in a statement. "Strength in retail grocery sales should more than offset the recession's effects on our other business units."

TreeHouse shares lost 9 cents to $26.76 on Thursday.