Post Holdings: Reports Second Quarter 2022 Results

St. Louis / MO. (pfh) Post Holdings Inc. , a consumer packaged goods holding company, reported results for the second fiscal quarter ended March 31, 2022. Highlights:

  • Second quarter net sales of USD 1.4 billion
  • Operating profit of USD 100.0 million; net earnings from continuing operations of USD 525.6 million and Adjusted Ebitda of USD 229.7 million
  • Reaffirmed fiscal year 2022 Adjusted Ebitda (non-GAAP) guidance range of USD 910 to USD 940 million

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.

Second Quarter Consolidated Operating Results

Net sales were USD 1,409.7 million, an increase of 17.3 percent, or USD 208.2 million, compared to USD 1,201.5 million in the prior year period. Net sales included USD 102.1 million and USD 31.8 million in the second quarter of 2022 and 2021, respectively, 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 378.5 million, or 26.8 percent of net sales, an increase of 4.0 percent, or USD 14.5 million, compared to USD 364.0 million, or 30.3 percent of net sales, in the prior year period. Results for the second quarter of 2022 reflect pricing actions across the business and the ongoing volume demand recovery of the Foodservice segment, which were mostly offset by raw material and freight inflation and higher manufacturing costs. Labor shortages and supply chain disruptions improved sequentially, but continued to drive manufacturing inefficiencies and capacity constraints during the second quarter of 2022, resulting in missed sales, declines in throughput and higher per unit product costs.

Selling, general and administrative (SG+A) expenses were USD 235.4 million, or 16.7 percent of net sales, an increase of 17.0 percent, or USD 34.2 million, compared to USD 201.2 million, or 16.7 percent of net sales, in the prior year period. SG+A expenses in the second quarter of 2022 included USD 26.2 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 100.0 million, a decrease of 22.8 percent, or USD 29.5 million, compared to USD 129.5 million in the prior year period.

Net earnings from continuing operations were USD 525.6 million, an increase of 383.5 percent, or USD 416.9 million, compared to USD 108.7 million in the prior year period. For additional information please read the Company’s PDF file below (182 KB):

20220505-POST-HOLDINGS-Q2-2022
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