TreeHouse Foods expanded its voluntary recall of frozen waffle products due to Listeria risk to include toaster waffles, Belgian waffles and pancakes.

TD Cowen estimated that, “in a worst-case scenario where the retail business goes to zero,” the frozen waffle recall would lower TreeHouse’s earnings per share by 4% in 2024 and 6% in 2025, and reduce sales by $70 million annually.

A recall warning first went out last Friday for products manufactured at the company’s Brantford, Ontario plant.