Post Holdings: Reports Q4 and Fiscal Year 2022 Results

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, 2022. Highlights:

  • Fourth quarter net sales of USD 1.6 billion; operating profit of USD 131.9 million; net earnings from continuing operations of USD 83.9 million and Adjusted Ebitda of USD 279.7 million
  • Fiscal year net sales of USD 5.9 billion; operating profit of USD 415.6 million; net earnings from continuing operations of USD 735.0 million and Adjusted Ebitda of USD 963.5 million
  • Generated USD 384.2 million in cash from continuing operations in fiscal year 2022
  • Fiscal year 2023 Adjusted Ebitda (non-GAAP) expected to range between USD 990-USD 1,040 million

Basis of Presentation: On March 10, 2022, Post’s distribution to its shareholders of 80.1 percent of its interest in BellRing Brands, Inc. was completed. Accordingly, the historical results of the BellRing business have been presented as discontinued operations in Post’s financial statements for all periods.

Fourth Quarter Consolidated Operating Results

Net sales were USD 1,579.1 million, an increase of 16.5 percent, or USD 223.2 million, compared to USD 1,355.9 million in the prior year period. Gross profit was USD 392.6 million, or 24.9 percent of net sales, an increase of 18.1 percent, or USD 60.1 million, compared to USD 332.5 million, or 24.5 percent of net sales, in the prior year period. Results for the fourth quarter of 2022 reflected pricing actions across the business which offset input and freight inflation. Supply chain disruptions eased slightly during the fourth quarter of 2022 but continued to drive higher manufacturing costs and customer order fulfillment rates below optimal levels.

Selling, general and administrative expenses (SG+A) were USD 223.8 million, or 14.2 percent of net sales, an increase of 9.9 percent, or USD 20.1 million, compared to USD 203.7 million, or 15.0 percent of net sales, in the prior year period. Operating profit was USD 131.9 million, an increase of 55.7 percent, or USD 47.2 million, compared to USD 84.7 million in the prior year period.

Net earnings from continuing operations were USD 83.9 million, an increase of 910.8 percent, or USD 75.6 million, compared to USD 8.3 million in the prior year period.

Diluted earnings from continuing operations per common share were USD 1.32, compared to USD 0.06 in the prior year period. Adjusted net earnings from continuing operations were USD 54.1 million, or USD 0.85 per diluted common share, compared to USD 6.8 million, or USD 0.11 per diluted common share, in the prior year period.

Adjusted Ebitda was USD 279.7 million, an increase of 31.9 percent, or USD 67.7 million, compared to USD 212.0 million in the prior year period.

The prior year period included net earnings from discontinued operations, net of tax and noncontrolling interest of USD 21.6 million. Net earnings were USD 83.9 million, or USD 1.32 per diluted common share, compared to USD 29.9 million, or USD 0.39 per diluted common share, in the prior year period.

Fiscal Year 2022 Consolidated Operating Results

Net sales were USD 5,851.2 million, an increase of 17.5 percent, or USD 870.5 million, compared to USD 4,980.7 million in the prior year. Gross profit was USD 1,467.5 million, or 25.1 percent of net sales, an increase of 2.8 percent, or USD 39.4 million, compared to USD 1,428.1 million, or 28.7 percent of net sales, in the prior year.

Selling, general and administrative expenses (SG+A) were USD 904.7 million, or 15.5 percent of net sales, an increase of 12.1 percent, or USD 97.7 million, compared to USD 807.0 million, or 16.2 percent of net sales, in the prior year. SG+A expenses in fiscal year 2022 included USD 32.1 million of transaction costs, which were primarily related to the BellRing distribution and were treated as an adjustment for non-GAAP measures. Operating profit was USD 415.6 million, a decrease of 14.8 percent, or USD 72.1 million, compared to USD 487.7 million in the prior year.

Net earnings from continuing operations were USD 735.0 million, an increase of 600.7 percent, or USD 630.1 million, compared to USD 104.9 million in the prior year.

Diluted earnings from continuing operations per common share were USD 11.75, compared to USD 1.44 in the prior year. Adjusted net earnings from continuing operations were USD 105.5 million, or USD 1.68 per diluted common share, compared to USD 74.6 million, or USD 1.14 per diluted common share, in the prior year.

Adjusted Ebitda was USD 963.5 million, an increase of 8.3 percent, or USD 74.1 million, compared to USD 889.4 million in the prior year.

Net earnings from discontinued operations, net of tax and noncontrolling interest were USD 21.6 million, compared to USD 61.8 million in the prior year. Net earnings were USD 756.6 million, or USD 12.09 per diluted common share, compared to USD 166.7 million, or USD 2.38 per diluted common share, in the prior year.

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