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EX - 99.1 2 ex99-1q32021 er.htm EX - 99.1 - Q3 ER Post Exhibit 99.1 Post Holdings Reports Results for the Third Quarter of Fiscal Year 2021 St. Louis - August 5 , 2021 - Post Holdings , Inc. ( NYSE : POST ) , a consumer packaged goods holding company , today reported results for the third fiscal quarter ended June 30 , 2021 . Highlights : • Third quarter net sales of $ 1.6 billion • Operating profit of $ 206.5 million ; net loss of $ 54.3 million ; Adjusted EBITDA of $ 302.6 million Completed the private label cereal and Egg Beaters acquisitions and the initial public offering of Post Holdings Partnering Corporation Second half fiscal year 2021 Adjusted EBITDA ( non - GAAP ) expected to range between $ 590- $ 610 million Third Quarter Consolidated Operating Results Net sales were $ 1,589.8 million , an increase of 19.0 % , or $ 253.4 million , compared to $ 1,336.4 million in the prior year period , and included $ 78.5 million in net sales from acquisitions made in fiscal years 2021 and 2020. More information on these acquisitions is discussed later in this release . Net sales growth in Foodservice , BellRing Brands and Weetabix was partially offset by declines in Post Consumer Brands and Refrigerated Retail . Gross profit was $ 479.4 million , or 30.2 % of net sales , an increase of 9.8 % , or $ 42.6 million , compared to the prior year period gross profit of $ 436.8 million , or 32.7 % of net sales . Selling , general and administrative ( " SG & A ” ) expenses were $ 231.9 million , or 14.6 % of net sales , an increase of $ 7.7 million compared to $ 224.2 million , or 16.8 % of net sales , in the prior year period . Operating profit was $ 206.5 million , an increase of 20.0 % , or $ 34.4 million , compared to $ 172.1 million in the prior year period , and included a gain on bargain purchase of $ 12.7 million and $ 11.8 million of accelerated amortization , both of which were treated as adjustments for non - GAAP measures . Net loss was $ 54.3 million , a decrease of 250.8 % , or $ 90.3 million , compared to net earnings of $ 36.0 million in the prior year period . Net loss / earnings included the following : ( in millions ) Expense on swaps , net ( ¹ ) United Kingdom ( “ U.K. ” ) tax reform expense ( 1 ) Three Months Ended June 30 , 2021 2020 $ 121.6 $ 39.3 29.2 11.6 10.0 4.2 4.4 Equity method losses , net of tax Net earnings attributable to noncontrolling interest ( 2 ) ( ¹ ) Discussed later in this release and were treated as adjustments for non - GAAP measures . ( 2 ) Primarily reflected the allocation of 28.8 % and 69.0 % of BellRing Brands , Inc.'s ( “ BellRing ” ) and Post Holdings Partnering Corporation's ( " PHPC ” ) , respectively , consolidated net earnings / loss to noncontrolling interest . Diluted loss per common share was $ 0.95 , compared to the prior year period diluted earnings per common share of $ 0.52 . Adjusted net earnings were $ 60.4 million , or $ 0.93 per adjusted diluted common share , compared to $ 51.9 million , or $ 0.75 per diluted common share , in the prior year period . Adjusted EBITDA was $ 302.6 million , an increase of 11.7 % , or $ 31.7 million , compared to $ 270.9 million in the prior year period . Adjusted EBITDA in the third quarter of 2021 and 2020 included an adjustment of $ 9.4 million and $ 4.0 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