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EX - 99.1 2 ex99-1q12021er.htm EX - 99.1 - Q1 ER Post Exhibit 99.1 Post Holdings Reports Results for the First Quarter of Fiscal Year 2021 St. Louis - February 4 , 2021 - Post Holdings , Inc. ( NYSE : POST ) , a consumer packaged goods holding company , today reported results for the first fiscal quarter ended December 31 , 2020 . Highlights : • • First quarter net sales of $ 1.5 billion Operating profit of $ 166.3 million ; net earnings of $ 81.2 million ; Adjusted EBITDA of $ 284.4 million Reaffirmed first half fiscal year 2021 Adjusted EBITDA ( non - GAAP ) guidance of $ 520- $ 550 million Basis of Presentation On October 21 , 2019 , the initial public offering ( the “ IPO ” ) of a minority interest in the BellRing Brands business , Post's historical active nutrition business , was completed . Post fully consolidates the results of BellRing Brands , Inc. ( " BellRing " ) and its subsidiaries within Post's financial statements and effective October 21 , 2019 allocates 28.8 % of BellRing's consolidated net earnings / loss and net assets to noncontrolling interest within Post's financial statements . On July 1 , 2020 , Post completed the acquisition of Henningsen Foods , Inc. ( " Henningsen " ) , the results of which are included in the Foodservice segment . First Quarter Consolidated Operating Results Net sales were $ 1,458.0 million , an increase of 0.1 % , or $ 1.2 million , compared to $ 1,456.8 million in the prior year period . Net sales growth in BellRing Brands , Refrigerated Retail , Weetabix and Post Consumer Brands was offset by declines in Foodservice . Gross profit was $ 455.4 million , or 31.2 % of net sales , a decrease of $ 16.1 million compared to the prior year period gross profit of $ 471.5 million , or 32.4 % of net sales . Selling , general and administrative ( " SG & A " ) expenses were $ 251.1 million , or 17.2 % of net sales , an increase of $ 15.8 million compared to $ 235.3 million , or 16.2 % of net sales , in the prior year period . SG & A expenses for the first quarter of 2021 included a provision of $ 15.0 million for a legal settlement , which was treated as an adjustment for non - GAAP measures . Operating profit was $ 166.3 million , a decrease of 15.2 % , or $ 29.7 million , compared to $ 196.0 million in the prior year period . Net earnings were $ 81.2 million , a decrease of 18.1 % , or $ 18.0 million , compared to $ 99.2 million in the prior year period . Net earnings included income on swaps , net of $ 41.6 million and $ 61.4 million in the first quarter of 2021 and 2020 , respectively , which is discussed later in this release and was treated as an adjustment for non - GAAP measures . Net earnings included equity method losses , net of tax of $ 7.9 million and $ 7.3 million in the first quarter of 2021 and 2020 , respectively . Net earnings excluded net earnings attributable to noncontrolling interest of $ 9.8 million and $ 7.9 million in the first quarter of 2021 and 2020 , respectively . Diluted earnings per common share were $ 1.21 , compared to $ 1.38 in the prior year period . Adjusted net earnings were $ 48.0 million , or $ 0.72 per diluted common share , compared to $ 52.9 million , or $ 0.73 per diluted common share , in the prior year period . Adjusted EBITDA was $ 284.4 million , a decrease of 6.2 % , or $ 18.7 million , compared to $ 303.1 million in the prior year period , with the decrease driven primarily by Foodservice . Adjusted EBITDA in the first quarter of 2021 and 2020 included an adjustment of $ 9.5 million and $ 7.4 million , respectively , primarily for the portion of BellRing's consolidated net earnings which was allocated to noncontrolling interest , resulting in Adjusted EBITDA including 100 % of the consolidated Adjusted EBITDA of BellRing . Post Consumer Brands North American ready - to - eat ( “ RTE ” ) cereal . For the first quarter , net sales were $ 445.0 million , an increase of 0.9 % , or $ 3.8 million , compared to the prior year period , and benefited from a favorable mix . Volumes were flat as growth in Post branded cereals was offset by declines in private label and government bid business ( primarily resulting from the decision to exit certain low - margin business ) , licensed brand cereal and Malt - O - Meal bag cereal . Segment profit was $ 70.5 million , a decrease of 12.5 % , or $ 10.1 million , compared to the prior year