TreeHouse Foods Inc. (NYSE:THS) stock took a plunge on Thursday following a series of announcements.
The first was the company’s earnings report for the third quarter of 2016. TreeHouse Foods Inc. reported earnings per share of 70 cents for the third quarter of the year. This is down from the 86 cents reported in the third quarter of 2015. It also missed Wall Street’s estimate of 78 cents per share.
Revenue reported by TreeHouse Foods Inc. in the third quarter of 2016 was $1.59 billion. Revenue reported by the company during the same time last year was $798.64 million. Analysts were expecting the company to report revenue of $1.64 billion for the quarter.
TreeHouse Foods Inc.’s outlook for the fourth quarter of the year has earnings per share ranging from $1.07 to $1.12. It also lowered its full year earnings per share guidance to between $2.80 and $2.85. Wall Street is expecting earnings per share of $1.25 for the fourth quarter and $3.07 for the year.
TreeHouse Foods Inc. also announced today that President Christopher D. Sliva is leaving the company. Executive Vice President and CFO Dennis F. Riordan will act as a temporary President while the company searches for a new one.
TreeHouse Foods Inc. previously announced in August that CFO Dennis F. Riordan will be retiring. It said today that Matthew J. Foulston will be taking over as the Executive Vice President and CFO of the company. This transition is set to occur before Dec. 2 2016.
TreeHouse Foods Inc. also announced plans to close its Delta, British Columbia facility that makes frozen griddle products. Operations are expected to end in early 2018 and 90 employees will be affected. The company will also be reducing the size of its Battle Creek, Mich., location. 100 of the 160 employees will lose their jobs. The process will take 15 months and is set to start in January 2017.
Finally, TreeHouse Foods Inc. investors have launched an investigation into the company. Law Offices of Howard G. Smith will be handling the investigation into claims that THS violated federal securities laws.
THS stock was down 19% as of Thursday afternoon.