Page 1

bellring BellRing Brands Reports Results for the Third Quarter of Fiscal Year 2021 ; Raises Fiscal Year 2021 Outlook St. Louis - August 5 , 2021 - BellRing Brands , Inc. ( NYSE : BRBR ) ( “ BellRing ” ) , a holding company operating in the global convenient nutrition category , today reported results for the third fiscal quarter ended June 30 , 2021 . Highlights : ● Exhibit 99.1 ● Net sales of $ 342.6 million Operating profit of $ 51.5 million ; net earnings available to Class A common stockholders of $ 9.5 million ; Adjusted net earnings available to Class A common stockholders of $ 11.8 million and Adjusted EBITDA of $ 70.5 million Raised fiscal year 2021 net sales guidance to $ 1.25- $ 1.28 billion and Adjusted EBITDA ( non - GAAP ) guidance to $ 230- $ 236 million Third Quarter Operating Results Net sales were $ 342.6 million , an increase of 67.8 % , or $ 138.4 million , compared to the prior year period . Premier Protein net sales increased 64.9 % , with volumes up 60.0 % , and Premier Protein ready - to - drink ( " RTD " ) shake net sales increased 66.5 % , with volumes up 61.2 % . Premier Protein net sales benefited from ( i ) RTD shake distribution gains for both existing and new products , ( ii ) strong velocities driven in part by a ) lapping a decrease in customer trade inventory levels in the prior year period ( driven by consumer pantry - loading in the second quarter of 2020 in reaction to the COVID - 19 pandemic ) and b ) category momentum , ( iii ) promotional activity and ( iv ) higher average net selling prices ( driven by RTD shake list price increases taken in the third quarter of 2021 and a favorable product and customer mix ) . Dollar consumption of Premier Protein RTD shakes increased 46.2 % in the 13 - week period ended July 3 , 2021 as compared to the same period in 2020 ( inclusive of Nielsen Total US XAOC including Convenience and management estimates of untracked channels ) . Dymatize net sales increased 98.5 % , with volumes up 76.8 % , and benefited from ( i ) distribution gains for both existing and new products , ( ii ) lapping global specialty retail store and gym closures in the prior year period in reaction to the COVID - 19 pandemic ( which drove declines in shipments , consumer mobility and on - the - go consumption ) , ( iii ) strong velocities ( driven in part by category momentum ) and ( iv ) higher average net selling prices ( driven by a favorable product and customer mix ) . Net sales of all other products increased 49.2 % . Gross profit was $ 111.3 million , or 32.5 % of net sales , an increase of 62.0 % , or $ 42.6 million , compared to the prior year period gross profit of $ 68.7 million , or 33.6 % of net sales . The lower gross profit margin was driven by higher input costs ( predominantly freight and milk - based proteins for RTD shakes ) . Selling , general and administrative ( " SG & A " ) expenses were $ 42.6 million , or 12.4 % of net sales , an increase of $ 10.0 million compared to the prior year period SG & A expenses of $ 32.6 million , or 16.0 % of net sales . SG & A expenses in the third quarter of 2021 included $ 3.4 million of higher marketing and consumer advertising expenses and higher incentive compensation accruals . Operating profit was $ 51.5 million , an increase of 68.3 % , or $ 20.9 million , compared to the prior year period operating profit of $ 30.6 million , and was negatively impacted by $ 11.8 million of accelerated amortization incurred in connection with the discontinuance of the Supreme Protein brand , which was treated as an adjustment for non - GAAP measures . Interest expense , net was $ 9.5 million , compared to $ 15.3 million in the prior year period , with the decrease primarily driven by a reduction in the aggregate principal amount of debt outstanding . Income tax expense was $ 3.4 million , an effective income tax rate of 8.1 % , compared to $ 1.1 million in the prior year period , an effective income tax rate of 7.2 % . 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 " ) . 1