St. Louis / MO. (pfh) Post Holdings Inc., a consumer packaged goods holding company, reported results for the fourth fiscal quarter and fiscal year ended September 30, 2021. Highlights:
- Fourth quarter net sales of USD 1.7 billion; operating profit of USD 137.8 million; net earnings of USD 29.9 million and Adjusted Ebitda of USD 272.5 million
- Fiscal year net sales of USD 6.2 billion; operating profit of USD 655.7 million; net earnings of USD 166.7 million and Adjusted Ebitda of USD 1,123.3 million
- Generated USD 588.3 million in cash from operations in fiscal year 2021
- Fiscal year 2022 Adjusted Ebitda (non-GAAP) expected to range between USD 1.16-USD 1.20 billion including the full year results of BellRing Brands
Fourth Quarter Consolidated Operating Results
Net sales were USD 1,695.6 million, an increase of 20.1 percent, or USD 284.3 million, compared to USD 1,411.3 million in the prior year period, and included USD 99.8 million in net sales from acquisitions made in fiscal year 2021. More information on these acquisitions is discussed later in this release. Gross profit was USD 428.5 million, or 25.3 percent of net sales, a decrease of 2.7 percent, or USD 11.8 million, compared to USD 440.3 million, or 31.2 percent of net sales, in the prior year period. Results for the fourth quarter of 2021 reflect the ongoing volume demand recovery of the Foodservice segment, strong growth at BellRing Brands and pricing actions, which were more than offset by input and freight inflation and higher manufacturing costs. Labor shortages and supply chain disruptions drove manufacturing inefficiencies during the fourth quarter of 2021, resulting in missed sales, declines in throughput and higher per unit product costs.
Selling, general and administrative (SG+A) expenses were USD 241.7 million, or 14.3 percent of net sales, an increase of 5.2 percent, or USD 11.9 million, compared to USD 229.8 million, or 16.3 percent of net sales, in the prior year period. Operating profit was USD 137.8 million, a decrease of 23.0 percent, or USD 41.1 million, compared to USD 178.9 million in the prior year period.
Net earnings were USD 29.9 million, a decrease of 47.5 percent, or USD 27.1 million, compared to net earnings of USD 57.0 million in the prior year period. Diluted earnings per common share were USD 0.39, compared to diluted earnings per common share of USD 0.83 in the prior year period. Adjusted net earnings were USD 28.4 million, or USD 0.44 per diluted common share, compared to USD 52.5 million, or USD 0.77 per diluted common share, in the prior year period.
Adjusted Ebitda was USD 272.5 million, a decrease of 0.8 percent, or USD 2.3 million, compared to USD 274.8 million in the prior year period. Adjusted Ebitda in the fourth quarter of 2021 and 2020 included an adjustment of USD 18.8 million and USD 9.8 million, respectively, primarily for the portion of BellRing’s and PHPC’s consolidated net earnings which was allocated to non-controlling interest, resulting in Adjusted Ebitda including 100 percent of the consolidated Adjusted Ebitda of BellRing and PHPC.
Fiscal Year 2021 Consolidated Operating Results
Net sales were USD 6,226.7 million, an increase of 9.3 percent, or USD 528.0 million, compared to USD 5,698.7 million in the prior year. Gross profit was USD 1,814.3 million, or 29.1 percent of net sales, an increase of 1.5 percent, or USD 26.9 million, compared to USD 1,787.4 million, or 31.4 percent of net sales, in the prior year.
SG+A expenses were USD 974.1 million, or 15.6 percent of net sales, an increase of 4.3 percent, or USD 39.8 million, compared to USD 934.3 million, or 16.4 percent of net sales, in the prior year. Operating profit was USD 655.7 million, a decrease of 6.4 percent, or USD 44.8 million, compared to USD 700.5 million in the prior year, and included USD 29.9 million of accelerated amortization which was treated as an adjustment for non-GAAP measures.
Net earnings were USD 166.7 million, an increase of USD 165.9 million, compared to USD 0.8 million in the prior year. Diluted earnings per common share were USD 2.38, compared to USD 0.01 in the prior year. Adjusted net earnings were USD 156.0 million, or USD 2.39 per diluted common share, compared to USD 202.8 million, or USD 2.89 per diluted common share in the prior year.
Adjusted Ebitda was USD 1,123.3 million, a decrease of USD 17.2 million, compared to USD 1,140.5 million in the prior year. Adjusted Ebitda for fiscal years 2021 and 2020 included an adjustment of USD 38.2 million and USD 26.4 million, respectively, primarily for the portion of BellRing’s and PHPC’s consolidated net earnings which was allocated to noncontrolling interest, resulting in Adjusted Ebitda including 100 percent of the consolidated Adjusted Ebitda of BellRing and PHPC. For additional information please read the company’s PDF file below (86 KB).
20211120-POST-HOLDINGS-Q4-2021.