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EX - 99.1 2 brbrexh991 - q12021 earningsr.htm EX - 99.1 Exhibit 99.1 bellring BellRing Brands Reports Results for the First Quarter of Fiscal Year 2021 St. Louis - February 4 , 2021 - BellRing Brands , Inc. ( NYSE : BRBR ) ( “ BellRing ” ) , a holding company operating in the global convenient nutrition category , today reported results for the first fiscal quarter ended December 31 , 2020 . Highlights : • • • Net sales of $ 282.4 million Operating profit of $ 47.8 million ; net earnings available to Class A common stockholders of $ 7.8 million and Adjusted EBITDA of $ 60.7 million Reaffirmed fiscal year 2021 net sales guidance of $ 1.07- $ 1.12 billion and Adjusted EBITDA ( non - GAAP ) guidance of $ 207- $ 217 million First Quarter Operating Results Net sales were $ 282.4 million , an increase of 15.7 % , or $ 38.4 million , compared to the prior year period . Premier Protein net sales increased 17.4 % , with volumes up 21.9 % , and Premier Protein ready - to - drink ( " RTD " ) shake net sales increased 17.5 % , with volumes up 22.9 % . Premier Protein net sales benefited from RTD shake distribution gains for both existing and new products , incremental promotional activity and a modest increase in customer trade inventory levels to support certain promotional events that occurred early in January 2021. Dollar consumption of Premier Protein RTD shakes increased 27.5 % in the 13 - week period ended December 26 , 2020 as compared to the same period in 2019 ( inclusive of Nielsen Total US XAOC including Convenience and management estimates of untracked channels ) . Dymatize net sales increased 16.2 % , with volumes increasing 10.4 % , and benefited from distribution gains for both existing and new products with strong growth in the club , eCommerce and mass channels . Net sales of all other products decreased 11.2 % . Gross profit was $ 91.9 million , or 32.5 % of net sales , an increase of 0.7 % , or $ 0.6 million , compared to the prior year period gross profit of $ 91.3 million , or 37.4 % of net sales . The lower gross profit margin was driven by higher input costs ( predominantly milk - based proteins and freight for RTD shakes ) and lower average net selling prices , resulting from incremental promotional activity . Selling , general and administrative ( " SG & A ” ) expenses were $ 38.3 million , or 13.6 % of net sales , an increase of $ 1.8 million compared to the prior year period SG & A expenses of $ 36.5 million , or 15.0 % of net sales . SG & A expenses in the first quarter of 2021 included $ 4.6 million of restructuring and facility closure costs ( which are discussed later in this release ) , which were partially offset by $ 1.5 million of lower costs related to BellRing's separation from Post Holdings , Inc. ( " Post " ) in the first quarter of 2020. Restructuring and facility closure costs and separation costs were treated as adjustments for non - GAAP measures . Operating profit was $ 47.8 million , a decrease of 3.0 % , or $ 1.5 million , compared to the prior year period operating profit of $ 49.3 million . Interest expense , net was $ 12.8 million in the first quarter of 2021 , compared to $ 11.6 million in the first quarter of 2020. The increase was primarily driven by the timing of the issuance of debt in connection with the creation of BellRing's capital structure in the first quarter of 2020 . Income tax expense was $ 2.1 million in the first quarter of 2021 , an effective income tax rate of 6.0 % , compared to $ 5.9 million in the first quarter of 2020 , an effective income tax rate of 15.6 % . In both periods , the effective income tax rate differed significantly from the statutory rate primarily as a result of taking into account for U.S. federal , state and local income tax purposes a 28.8 % distributive share of the items of income , gain , loss and deduction of BellRing Brands , LLC ( “ BellRing LLC " ) in the periods subsequent to BellRing's initial public offering ( the " IPO " ) . Net earnings available to Class A common stockholders were $ 7.8 million , an increase of 30.0 % , or $ 1.8 million , compared to the prior year period net earnings of $ 6.0 million . Net earnings available to Class A common stockholders excluded $ 25.1 million of net earnings attributable to the Company's redeemable noncontrolling interest ( " NCI " ) compared to $ 25.8 million 1