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EX - 99.1 2 ex99-1q22021er.htm EX - 99.1 - PRESS RELEASE Post Exhibit 99.1 Post Holdings Reports Results for the Second Quarter of Fiscal Year 2021 St. Louis - May 6 , 2021 - Post Holdings , Inc. ( NYSE : POST ) , a consumer packaged goods holding company , today reported results for the second fiscal quarter ended March 31 , 2021 . Highlights : Second quarter net sales of $ 1.5 billion Operating profit of $ 145.1 million ; net earnings of $ 109.9 million ; Adjusted EBITDA of $ 263.8 million Second half fiscal year 2021 Adjusted EBITDA ( non - GAAP ) expected to range between $ 590- $ 620 million Basis of Presentation On October 21 , 2019 , the initial public offering of a minority interest in the BellRing Brands business ( the " BellRing IPO " ) , 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 . On January 25 , 2021 , Post completed the acquisition of the Peter Pan nut butter brand ( “ Peter Pan ” ) , the results of which are included in the Post Consumer Brands segment . On February 1 , 2021 , Post completed the acquisition of the Almark Foods business and related assets ( " Almark " ) , the results of which are included in the Foodservice segment . Second Quarter Consolidated Operating Results Net sales were $ 1,483.3 million , a decrease of 0.7 % , or $ 10.9 million , compared to $ 1,494.2 million in the prior year period , and included a 310 basis point benefit from Henningsen , Peter Pan and Almark . Net sales growth in BellRing Brands and Refrigerated Retail was offset by declines in Post Consumer Brands and Foodservice . Gross profit was $ 451.0 million , or 30.4 % of net sales , an increase of $ 12.2 million compared to the prior year period gross profit of $ 438.8 million , or 29.4 % of net sales . Selling , general and administrative ( " SG & A ” ) expenses were $ 249.4 million , or 16.8 % of net sales , an increase of $ 4.4 million compared to $ 245.0 million , or 16.4 % of net sales , in the prior year period . Operating profit was $ 145.1 million , a decrease of 5.5 % , or $ 8.4 million , compared to $ 153.5 million in the prior year period , and was negatively impacted by $ 17.7 million of accelerated amortization , which is discussed later in this release and was treated as an adjustment for non - GAAP measures . Net earnings were $ 109.9 million , an increase of 157.4 % , or $ 301.3 million , compared to a net loss of $ 191.4 million in the prior year period . Net earnings / loss included loss on extinguishment and refinancing of debt , net of $ 94.7 million and $ 60.0 million in the second quarter of 2021 and 2020 , respectively . Net earnings / loss included income on swaps , net of $ 185.6 million and expense on swaps , net of $ 224.6 million in the second quarter of 2021 and 2020 , respectively . Loss on extinguishment and refinancing of debt , net and income / expense on swaps , net are discussed later in this release and were treated as adjustments for non - GAAP measures . Net earnings / loss included equity method losses , net of tax of $ 7.0 million and $ 11.1 million in the second quarter of 2021 and 2020 , respectively . Net earnings / loss excluded net earnings attributable to noncontrolling interest of $ 0.9 million and $ 5.6 million in the second quarter of 2021 and 2020 , respectively . Diluted earnings per common share were $ 1.69 , compared to the prior year period diluted loss per common share of $ 2.76 . Adjusted net earnings were $ 19.2 million , or $ 0.29 per diluted common share , compared to $ 45.5 million , or $ 0.65 per diluted common share , in the prior year period . Adjusted EBITDA was $ 263.8 million , a decrease of 9.6 % , or $ 27.9 million , compared to $ 291.7 million in the prior year period . Adjusted EBITDA in the second quarter of 2021 and 2020 included an adjustment of $ 0.5 million and $ 5.2 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 . 1