Post Holdings: Reports Third Quarter 2024 Results

St. Louis / MO. (pfh) Post Holdings Inc., a consumer packaged goods holding company, reported results for the third fiscal quarter ended June 30, 2024. Highlights:

Basis of Presentation

On April 28, 2023, Post completed its acquisition of a portion of The J. M. Smucker Company’s pet food business, the results of which are included in the Post Consumer Brands segment. On December 01, 2023, Post completed its acquisition of substantially all of the assets of Perfection Pet Foods LLC, the results of which are also included in the Post Consumer Brands segment. On December 01, 2023, Post completed its acquisition of Deeside Cereals I Limited, the results of which are included in the Weetabix segment.

Third Quarter Consolidated Operating Results

Net sales were USD 1,947.7 million, an increase of 4.7 percent, or USD 88.3 million, compared to USD 1,859.4 million in the prior year period. Net sales included USD 436.4 million and USD 275.3 million in the third quarter of 2024 and 2023, respectively, in net sales from acquisitions completed in fiscal years 2024 and 2023. Excluding the benefit from acquisitions in the current and prior year periods, net sales declined in Post Consumer Brands (driven by volume declines in branded and non-retail cereal), Weetabix (driven by declines in branded products), Foodservice (driven by the reduction of avian influenza pricing and the pass-through of lower grain and egg market prices) and Refrigerated Retail (driven by lower net pricing). Gross profit was USD 577.3 million, or 29.6 percent of net sales, an increase of 15.1 percent, or USD 75.7 million, compared to USD 501.6 million, or 27.0 percent of net sales, in the prior year period.

Selling, general and administrative (SG+A) expenses were USD 324.5 million, or 16.7 percent of net sales, an increase of 7.8 percent, or USD 23.6 million, compared to USD 300.9 million, or 16.2 percent of net sales, in the prior year period. The increase was primarily driven by the inclusion of Pet Food. Operating profit was USD 203.2 million, an increase of 28.4 percent, or USD 44.9 million, compared to USD 158.3 million in the prior year period.

Net earnings were USD 99.8 million, an increase of 11.4 percent, or USD 10.2 million, compared to USD 89.6 million in the prior year period. For additional information please read the PDF file below (185 KB):

20240806-POST-Q32024.