Post Holdings Reports Results for the Third Quarter of Fiscal Year 2025; Raises Fiscal Year 2025 Outlook
Post Holdings (NYSE:POST) reported strong Q3 2025 results with net sales of $2.0 billion and operating profit of $234.6 million, up 15.5% year-over-year. The company achieved net earnings of $108.8 million and Adjusted EBITDA of $397.0 million, representing a 13.4% increase.
Key segment performance included challenges in Post Consumer Brands with a 9.3% sales decline, while Foodservice showed remarkable growth with an 18.6% sales increase. The company completed the acquisition of Potato Products of Idaho and 8th Avenue Food & Provisions. Based on strong performance, Post raised its FY2025 Adjusted EBITDA guidance to $1,500-$1,520 million.
Post continued its shareholder returns through share repurchases, buying back 0.6 million shares for $62.1 million during Q3. The company expects to benefit from a favorable cash tax impact of approximately $300 million over the next five years due to new tax legislation.
Post Holdings (NYSE:POST) ha riportato risultati solidi nel terzo trimestre 2025 con vendite nette pari a 2,0 miliardi di dollari e un utile operativo di 234,6 milioni di dollari, in crescita del 15,5% rispetto all'anno precedente. La societ脿 ha registrato un utile netto di 108,8 milioni di dollari e un EBITDA rettificato di 397,0 milioni di dollari, con un incremento del 13,4%.
Le performance chiave per segmento hanno evidenziato difficolt脿 per Post Consumer Brands con un calo delle vendite del 9,3%, mentre il settore Foodservice ha mostrato una crescita notevole con un aumento delle vendite del 18,6%. L'azienda ha completato l'acquisizione di Potato Products of Idaho e 8th Avenue Food & Provisions. Grazie alle solide performance, Post ha rivisto al rialzo la guidance sull'EBITDA rettificato per il 2025, portandola a 1.500-1.520 milioni di dollari.
Post ha continuato a restituire valore agli azionisti attraverso il riacquisto di azioni, comprando 0,6 milioni di azioni per 62,1 milioni di dollari nel terzo trimestre. La societ脿 prevede di beneficiare di un impatto fiscale positivo in termini di liquidit脿 di circa 300 milioni di dollari nei prossimi cinque anni grazie alla nuova legislazione fiscale.
Post Holdings (NYSE:POST) report贸 s贸lidos resultados en el tercer trimestre de 2025 con ventas netas de 2.0 mil millones de d贸lares y una ganancia operativa de 234.6 millones de d贸lares, un aumento del 15.5% interanual. La compa帽铆a logr贸 ganancias netas de 108.8 millones de d贸lares y un EBITDA ajustado de 397.0 millones de d贸lares, lo que representa un incremento del 13.4%.
El desempe帽o clave por segmento incluy贸 desaf铆os en Post Consumer Brands con una ca铆da en ventas del 9.3%, mientras que Foodservice mostr贸 un crecimiento notable con un aumento del 18.6% en ventas. La empresa complet贸 la adquisici贸n de Potato Products of Idaho y 8th Avenue Food & Provisions. Bas谩ndose en un desempe帽o s贸lido, Post elev贸 su gu铆a de EBITDA ajustado para el a帽o fiscal 2025 a 1,500-1,520 millones de d贸lares.
Post continu贸 devolviendo valor a los accionistas mediante recompras de acciones, adquiriendo 0.6 millones de acciones por 62.1 millones de d贸lares durante el tercer trimestre. La compa帽铆a espera beneficiarse de un impacto fiscal favorable en efectivo de aproximadamente 300 millones de d贸lares en los pr贸ximos cinco a帽os debido a la nueva legislaci贸n tributaria.
Post Holdings (NYSE:POST)電� 2025雲� 3攵勱赴鞐� 靾滊Г於� 20鞏� 雼煬鞕� 鞓侅梾鞚挫澋 2鞏� 3,460毵� 雼煬毳� 旮半頃橂┌ 鞝勲厔 雽�牍� 15.5% 靹膘灔頃� 臧曤牓頃� 鞁れ爜鞚� 氚滍憸頄堨姷雼堧嫟. 須岇偓電� 靾滌澊鞚� 1鞏� 880毵� 雼煬鞕� 臁办爼 EBITDA 3鞏� 9,700毵� 雼煬毳� 旮半頃橂┌ 13.4% 歃濌皜頄堨姷雼堧嫟.
欤检殧 攵�氍鸽硠 鞁れ爜鞐愳劀電� Post Consumer Brands臧� 毵れ稖 9.3% 臧愳唽鞚� 鞏措牑鞗�鞚� 瓴潃 氚橂┐, Foodservice 攵�氍胳潃 毵れ稖 18.6% 歃濌皜搿� 雸堨棎 霛勲姅 靹膘灔鞚� 氤挫榾鞀惦媹雼�. 須岇偓電� Potato Products of Idaho鞕� 8th Avenue Food & Provisions 鞚胳垬毳� 鞕勲頄堨姷雼堧嫟. 臧曤牓頃� 鞁れ爜鞚� 氚旐儠鞙茧 Post電� 2025 須岅硠鞐半弰 臁办爼 EBITDA 臧�鞚措崢鞀るゼ 15鞏祣15鞏� 2觳滊 雼煬搿� 靸來枼 臁办爼頄堨姷雼堧嫟.
Post電� 3攵勱赴 霃欖晥 620毵� 雼煬 攴滊鞚� 60毵� 欤� 鞛愳偓欤� 毵れ瀰鞚� 韱淀暣 欤检＜ 頇橃洂鞚� 歆�靻嶍枅鞀惦媹雼�. 須岇偓電� 靸堧鞖� 靹鸽矔鞙茧 鞚疙暣 頄ロ泟 5雲勱皠 鞎� 3鞏� 雼煬鞚� 順勱笀 靹戈笀 順滍儩鞚� 旮半寑頃橁碃 鞛堨姷雼堧嫟.
Post Holdings (NYSE:POST) a publi茅 de solides r茅sultats pour le troisi猫me trimestre 2025 avec un chiffre d'affaires net de 2,0 milliards de dollars et un b茅n茅fice d'exploitation de 234,6 millions de dollars, en hausse de 15,5 % par rapport 脿 l'ann茅e pr茅c茅dente. La soci茅t茅 a r茅alis茅 un b茅n茅fice net de 108,8 millions de dollars et un EBITDA ajust茅 de 397,0 millions de dollars, soit une augmentation de 13,4 %.
Les performances cl茅s par segment ont r茅v茅l茅 des difficult茅s pour Post Consumer Brands avec une baisse des ventes de 9,3 %, tandis que le secteur Foodservice a affich茅 une croissance remarquable avec une hausse des ventes de 18,6 %. L'entreprise a finalis茅 l'acquisition de Potato Products of Idaho et 8th Avenue Food & Provisions. Gr芒ce 脿 cette solide performance, Post a relev茅 ses pr茅visions d'EBITDA ajust茅 pour l'exercice 2025 脿 1 500-1 520 millions de dollars.
Post a poursuivi ses retours aux actionnaires via des rachats d'actions, rachetant 0,6 million d'actions pour 62,1 millions de dollars au cours du troisi猫me trimestre. La soci茅t茅 pr茅voit de b茅n茅ficier d'un impact fiscal positif en tr茅sorerie d'environ 300 millions de dollars au cours des cinq prochaines ann茅es gr芒ce 脿 une nouvelle l茅gislation fiscale.
Post Holdings (NYSE:POST) meldete starke Ergebnisse f眉r das dritte Quartal 2025 mit Nettoums盲tzen von 2,0 Milliarden US-Dollar und einem operativen Gewinn von 234,6 Millionen US-Dollar, was einem Anstieg von 15,5 % gegen眉ber dem Vorjahr entspricht. Das Unternehmen erzielte einen Nettogewinn von 108,8 Millionen US-Dollar und ein bereinigtes EBITDA von 397,0 Millionen US-Dollar, was einem Zuwachs von 13,4 % entspricht.
Die wesentlichen Segmentleistungen zeigten Herausforderungen bei Post Consumer Brands mit einem Umsatzr眉ckgang von 9,3 %, w盲hrend der Bereich Foodservice ein bemerkenswertes Wachstum mit einem Umsatzanstieg von 18,6 % verzeichnete. Das Unternehmen schloss die 脺bernahme von Potato Products of Idaho und 8th Avenue Food & Provisions ab. Aufgrund der starken Leistung hob Post seine Prognose f眉r das bereinigte EBITDA im Gesch盲ftsjahr 2025 auf 1.500鈥�1.520 Millionen US-Dollar an.
Post setzte seine Aktion盲rsrenditen durch Aktienr眉ckk盲ufe fort und kaufte im dritten Quartal 0,6 Millionen Aktien f眉r 62,1 Millionen US-Dollar zur眉ck. Das Unternehmen erwartet, von einem g眉nstigen steuerlichen Cashflow-Effekt in H枚he von etwa 300 Millionen US-Dollar in den n盲chsten f眉nf Jahren aufgrund neuer Steuergesetze zu profitieren.
- Raised FY2025 Adjusted EBITDA guidance to $1,500-$1,520 million
- Operating profit increased 15.5% to $234.6 million
- Adjusted EBITDA grew 13.4% to $397.0 million
- Foodservice segment sales increased 18.6% with 38.3% higher profit
- Expected $300 million favorable cash tax impact over next five years
- Active share repurchase program with $231.4 million remaining authorization
- Post Consumer Brands sales declined 9.3% with 10.3% volume decrease
- Pet food volumes decreased 13.0% due to distribution losses
- Cereal volumes fell 5.8% due to category declines
- Interest expense increased due to higher debt levels
- Capital expenditure requirements of $450-$480 million for FY2025
Insights
Post reports Q3 growth with 13.4% Adjusted EBITDA increase and raises FY2025 guidance despite challenges in consumer brands segment.
Post Holdings delivered solid Q3 results with net sales of
Looking at segment performance reveals a mixed picture. The Foodservice segment was the standout performer with net sales surging
However, Post Consumer Brands 鈥� the company's largest segment 鈥� faced significant headwinds with net sales declining
Post's capital allocation strategy remains shareholder-friendly with
The July 1 acquisition of 8th Avenue Food & Provisions should provide additional growth opportunities, though specific financial impacts weren't detailed. Meanwhile, the newly enacted tax law (H.R. 1) is expected to deliver approximately
Despite challenges in its largest segment, Post's overall profitability metrics improved, with gross margin expanding to
Highlights:
- Third quarter net sales of
$2.0 billion - Operating profit of
$234.6 million $108.8 million $397.0 million - Raised fiscal year 2025 Adjusted EBITDA (non-GAAP)* outlook to
$1,500 -$1,520 million
*For additional information regarding non-GAAP measures, such as Adjusted EBITDA, Adjusted net earnings, Adjusted diluted earnings per common share and segment Adjusted EBITDA, see the related explanations presented under "Use of Non-GAAP Measures" later in this release. Post provides Adjusted EBITDA guidance only on a non-GAAP basis and does not provide a reconciliation of its forward-looking Adjusted EBITDA non-GAAP guidance measure to the most directly comparable GAAP measure due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including the adjustments described under "Outlook" below.
Basis of Presentation
On March 3, 2025, Post completed its acquisition of Potato Products of
Third听Quarter Consolidated Operating Results
Net sales were
Selling, general and administrative ("SG&A") expenses were
Net earnings were
Diluted earnings per common share were
Adjusted EBITDA was
Nine Month听Consolidated Operating Results
Net sales were
SG&A expenses were
Net earnings were
Nine Months Ended June 30, | |||
(in millions) | 2025 | 2024 | |
Loss (gain) on extinguishment of debt, net (1) | $听听听听听听听听听听听听听听听听听听听 5.8 | $听听听听听听听听听听听听听听听听听 (4.6) | |
(Income) expense on swaps, net (1) | (7.3) | 4.7 | |
(1) Discussed later in this release and were treated as adjustments for non-GAAP measures. | |||
Diluted earnings per common share were
Adjusted EBITDA was
Post Consumer Brands
Primarily North American ready-to-eat ("RTE") cereal, pet food and peanut butter.
For the third quarter, net sales were
For the nine months ended June 30, 2025, net sales were
Weetabix
Primarily United Kingdom RTE cereal, muesli and protein-based shakes.
For the third quarter, net sales were
For the nine months ended June 30, 2025, net sales were
Foodservice
Primarily egg and potato products.
For the third quarter, net sales were
For the nine months ended June 30, 2025, net sales were
Refrigerated Retail
Primarily side dish, egg, cheese and sausage products.
For the third quarter, net sales were
For the nine months ended June 30, 2025, net sales were
Interest, (Gain) Loss on Extinguishment of Debt, Expense (Income) on Swaps and Income Tax
Interest expense, net was
No gain or loss on extinguishment of debt, net was recorded in the third quarter of fiscal year 2025. Gain on extinguishment of debt, net of
Expense (income)听on swaps, net relates to mark-to-market adjustments and settlements on interest rate swaps. Expense on swaps, net was
Income tax expense was
Share Repurchases
During the third quarter of fiscal year 2025, Post repurchased 0.6 million shares of its common stock for
Acquisition
On July 1, 2025, Post completed its acquisition of 8th Avenue Food & Provisions, Inc. ("8th Avenue").
Impact of New Tax Law
On July 4, 2025, H.R. 1 was enacted. Post currently estimates this will result in a favorable cash tax impact of approximately
Outlook
Post management raised its guidance range for fiscal year 2025 Adjusted EBITDA to
Post management expects fiscal year 2025 capital expenditures to range between
Post provides Adjusted EBITDA guidance only on a non-GAAP basis and does not provide a reconciliation of its forward-looking Adjusted EBITDA non-GAAP guidance measure to the most directly comparable GAAP measure due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including adjustments that could be made for income/expense on swaps, net, integration and transaction costs, mark-to-market adjustments on equity security investments, mark-to-market adjustments on commodity and foreign exchange hedges, gain/loss on extinguishment of debt, net, equity method investment adjustment and other charges reflected in Post's reconciliations of historical numbers, the amounts of which, based on historical experience, could be significant. For additional information regarding Post's non-GAAP measures, see the related explanations presented under "Use of Non-GAAP Measures."
Use of Non-GAAP Measures
Post uses certain non-GAAP measures in this release to supplement the financial measures prepared in accordance with
Management uses certain of these non-GAAP measures, including Adjusted EBITDA and segment Adjusted EBITDA, as key metrics in the evaluation of underlying company and segment performance, in making financial, operating and planning decisions and, in part, in the determination of bonuses for its executive officers and employees. Additionally, Post is required to comply with certain covenants and limitations that are based on variations of EBITDA in its financing documents. Management believes the use of these non-GAAP measures provides increased transparency and assists investors in understanding the underlying operating performance of Post and its segments and in the analysis of ongoing operating trends. Non-GAAP measures are not prepared in accordance with GAAP, as they exclude certain items as described later in this release. These non-GAAP measures may not be comparable to similarly titled measures of other companies. For additional information regarding Post's non-GAAP measures, see the related explanations provided under "Explanation and Reconciliation of Non-GAAP Measures."
Conference Call to Discuss Earnings Results and Outlook
Post will host a conference call on Friday, August 8, 2025 at 9:00 a.m. ET to discuss financial results for the third quarter of fiscal year 2025 and fiscal year 2025 outlook and to respond to questions. Robert V. Vitale, President and Chief Executive Officer, Jeff A. Zadoks, Executive Vice President and Chief Operating Officer, and Matthew J. Mainer, Executive Vice President, Chief Financial Officer and Treasurer, will participate in the call.
Interested parties may join the conference call by dialing (800) 445-7795 in the
A replay of the conference call will be available through Friday, August 15, 2025 by dialing (800) 839-8292 in the
Prospective Financial Information
Prospective financial information is necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying the prospective financial information described above will not materialize or will vary significantly from actual results. For further discussion of some of the factors that may cause actual results to vary materially from the prospective financial information provided in this release, see "Forward-Looking Statements" below. Accordingly, the prospective financial information provided in this release is only an estimate of what Post's management believes is realizable as of the date of this release. It also should be recognized that the reliability of any forecasted financial data diminishes the further in the future that the data is forecasted. In light of the foregoing, the information should be viewed in context and undue reliance should not be placed upon it.
Forward-Looking Statements
Certain matters discussed in this release and on Post's conference call are forward-looking statements, including Post's expectations regarding the financial impact of H.R. 1, Post's Adjusted EBITDA outlook for fiscal year 2025 and Post's capital expenditure outlook for fiscal year 2025.听These forward-looking statements are sometimes identified from the use of forward-looking words such as "believe," "should," "could," "potential," "continue," "expect," "project," "estimate," "predict," "anticipate," "aim," "intend," "plan," "forecast," "target," "is likely," "will," "can," "may" or "would" or the negative of these terms or similar expressions, and include all statements regarding future performance, earnings projections, events or developments. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. These risks and uncertainties include, but are not limited to, the following:
- disruptions or inefficiencies in Post's supply chain, tariffs, inflation, labor shortages, public health crises, climatic events, avian influenza and other agricultural diseases and pests, fires and other events beyond Post's control;
- changes in economic conditions, financial instability, disruptions in capital and credit markets, changes in interest rates and fluctuations in foreign currency exchange rates;
- volatility in the cost or availability of inputs to Post's businesses (including raw materials, energy and other supplies and freight);
- Post's and its customers' ability to compete in their respective product categories, including the success of pricing, advertising and promotional programs and the ability to anticipate and respond to changes in consumer and customer preferences and behaviors;
- Post's ability to hire and retain talented personnel, increases in labor-related costs, employee safety, labor strikes, work stoppages, unionization efforts and other labor disruptions;
- Post's high leverage, its ability to obtain additional financing and service its outstanding debt (including covenants restricting the operation of its businesses) and a potential downgrade in Post's credit ratings;
- Post's ability to successfully implement business strategies to reduce costs;
- Post's reliance on third parties and others for the manufacture of many of its products;
- costs, business disruptions and reputational damage associated with information technology failures, cybersecurity incidents, information security breaches or enterprise resource planning system implementations;
- allegations that Post's products cause injury or illness, product recalls and withdrawals, product liability claims and other related litigation;
- impacts of compliance with existing and changing laws and regulations;
- the impact of litigation;
- Post's ability to successfully integrate 8th Avenue and the pet food assets and operations acquired in April 2023 and in the Perfection Pet Foods, LLC acquisition, deliver on the expected financial contribution, cost savings and synergies from these acquisitions and maintain relationships with employees, customers and suppliers for the acquired businesses, while maintaining focus on Post's pre-acquisition businesses;
- Post's ability to identify, complete and integrate or otherwise effectively execute acquisitions or other strategic transactions;
- the loss of, a significant reduction of purchases by or the bankruptcy of a major customer;
- the success of new product introductions;
- differences in Post's actual operating results from any of its guidance regarding Post's future performance;
- impairment in the carrying value of goodwill, other intangibles or long-lived assets;
- risks associated with Post's international businesses;
- business disruption or other losses from changes in governmental administrations, political instability, terrorism, war or armed hostilities or geopolitical tensions;
- risks related to the intended tax treatment of Post's divestitures of its interest in BellRing Brands, Inc.;
- Post's ability to protect its intellectual property and other assets and to license third-party intellectual property;
- costs associated with the obligations of Bob Evans Farms, Inc. ("Bob Evans") in connection with the sale of its restaurants business, including certain indemnification obligations and Bob Evans's payment and performance obligations as a guarantor for certain leases;
- changes in critical accounting estimates;
- losses or increased funding and expenses related to Post's qualified pension or other postretirement plans;
- conflicting interests or the appearance of conflicting interests resulting from any of Post's directors and officers also serving as directors or officers of other companies; and
- other risks and uncertainties described in Post's filings with the Securities and Exchange Commission.
These forward-looking statements represent Post's judgment as of the date of this release. Post disclaims, however, any intent or obligation to update these forward-looking statements.
About Post Holdings, Inc.
Post Holdings, Inc., headquartered in
Contact:
Investor Relations
Daniel O'Rourke
[email protected]
(314) 806-3959
Media Relations
Tara Gray
[email protected]
(314) 644-7648
听
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | |||||||
Three Months Ended | Nine Months Ended听 | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Net Sales | |||||||
Cost of goods sold | 1,388.1 | 1,370.4 | 4,173.8 | 4,183.1 | |||
Gross Profit | 596.2 | 577.3 | 1,737.3 | 1,729.5 | |||
Selling, general and administrative expenses | 312.1 | 324.5 | 958.5 | 988.7 | |||
Amortization of intangible assets | 49.4 | 46.4 | 147.6 | 138.5 | |||
Other operating expense (income), net | 0.1 | 3.2 | 0.3 | (0.3) | |||
Operating Profit | 234.6 | 203.2 | 630.9 | 602.6 | |||
Interest expense, net | 88.5 | 78.8 | 259.6 | 236.9 | |||
(Gain) loss on extinguishment of debt, net | 鈥� | (1.8) | 5.8 | (4.6) | |||
Expense (income) on swaps, net | 2.6 | (3.1) | (7.3) | 4.7 | |||
Other expense (income), net | 0.2 | (2.3) | 1.7 | (8.6) | |||
Earnings before Income Taxes and Equity Method (Earnings) Loss | 143.3 | 131.6 | 371.1 | 374.2 | |||
Income tax expense | 34.7 | 31.7 | 86.8 | 88.8 | |||
Equity method (earnings) loss, net of tax | (0.1) | 鈥� | (0.4) | 0.1 | |||
Net Earnings Including Noncontrolling Interest | 108.7 | 99.9 | 284.7 | 285.3 | |||
Less: Net (loss) earnings attributable to noncontrolling interest | (0.1) | 0.1 | 鈥� | 0.2 | |||
Net Earnings | $听听听听 108.8 | $听听听听听听 99.8 | $听听听听 284.7 | $听听听听 285.1 | |||
Earnings per Common Share: | |||||||
Basic | $听听听听听听 1.95 | $听听听听听听 1.66 | $听听听听听听 5.01 | $听听听听听听 4.72 | |||
Diluted | $听听听听听听 1.79 | $听听听听听听 1.53 | $听听听听听听 4.60 | $听听听听听听 4.36 | |||
Weighted-Average Common Shares Outstanding: | |||||||
Basic | 55.7 | 60.0 | 56.8 | 60.4 | |||
Diluted | 62.4 | 67.0 | 63.6 | 67.3 | |||
听
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | ||||
June 30, 2025 | September 30, 2024 | |||
ASSETS | ||||
Current Assets | ||||
Cash and cash equivalents | $听听听听听听听听听听听听听听听听听听 1,056.3 | $听听听听听听听听听听听听听听听听听听听听听 787.4 | ||
Restricted cash | 7.7 | 3.5 | ||
Receivables, net | 694.4 | 582.9 | ||
Inventories | 772.3 | 754.2 | ||
Prepaid expenses and other current assets | 112.2 | 103.6 | ||
Total Current Assets | 2,642.9 | 2,231.6 | ||
Property, net | 2,441.2 | 2,311.7 | ||
Goodwill | 4,788.9 | 4,700.7 | ||
Other intangible assets, net | 3,013.7 | 3,146.0 | ||
Other assets | 482.9 | 464.2 | ||
Total Assets | $听听听听听听听听听听听听听听听听 13,369.6 | $听听听听听听听听听听听听听听听听 12,854.2 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current Liabilities | ||||
Current portion of long-term debt | $听听听听听听听听听听听听听听听听听听听听听听听听听听 1.2 | $听听听听听听听听听听听听听听听听听听听听听听听听听听 1.2 | ||
Accounts payable | 529.0 | 483.8 | ||
Other current liabilities | 488.1 | 459.9 | ||
Total Current Liabilities | 1,018.3 | 944.9 | ||
Long-term debt | 7,346.0 | 6,811.6 | ||
Deferred income taxes | 654.4 | 653.0 | ||
Other liabilities | 344.0 | 343.4 | ||
Total Liabilities | 9,362.7 | 8,752.9 | ||
Shareholders' Equity | ||||
Common stock | 0.9 | 0.9 | ||
Additional paid-in capital | 5,350.0 | 5,331.5 | ||
Retained earnings | 2,067.9 | 1,783.2 | ||
Accumulated other comprehensive income | 47.0 | 6.4 | ||
Treasury stock, at cost | (3,469.6) | (3,031.4) | ||
Total Shareholders' Equity Excluding Noncontrolling Interest | 3,996.2 | 4,090.6 | ||
Noncontrolling interest | 10.7 | 10.7 | ||
Total Shareholders' Equity | 4,006.9 | 4,101.3 | ||
Total Liabilities and Shareholders' Equity | $听听听听听听听听听听听听听听听听 13,369.6 | $听听听听听听听听听听听听听听听听 12,854.2 | ||
听
SELECTED CONDENSED CONSOLIDATED CASH FLOWS | |||
Nine Months Ended听 | |||
2025 | 2024 | ||
Cash provided by (used in): | |||
Operating activities | $听听听听 697.0 | $听听听听 696.3 | |
Investing activities, including capital expenditures of | (473.4) | (538.3) | |
Financing activities | 47.3 | 66.7 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2.2 | 1.9 | |
Net increase in cash, cash equivalents and restricted cash | $听听听听 273.1 | $听听听听 226.6 | |
听
SEGMENT INFORMATION (Unaudited) | |||||||||
Three Months Ended | Nine Months Ended听 | ||||||||
2025 | 2024 | 2025 | 2024 | ||||||
Net Sales | |||||||||
Post Consumer Brands | $听听听听 914.0 | ||||||||
Weetabix | 137.9 | 136.1 | 397.2 | 403.2 | |||||
Foodservice | 698.5 | 589.1 | 1,923.0 | 1,711.0 | |||||
Refrigerated Retail | 233.9 | 214.4 | 725.1 | 735.7 | |||||
Corporate | 鈥� | 鈥� | 鈥� | 0.5 | |||||
Total | |||||||||
Segment Profit | |||||||||
Post Consumer Brands | $听听听听 120.5 | $听听听听 128.6 | $听听听听 391.1 | $听听听听 401.0 | |||||
Weetabix | 19.3 | 24.1 | 53.4 | 63.2 | |||||
Foodservice | 123.9 | 89.6 | 271.5 | 229.8 | |||||
Refrigerated Retail | 24.5 | 5.1 | 64.9 | 63.1 | |||||
听
SUPPLEMENTAL REFRIGERATED RETAIL SEGMENT INFORMATION (Unaudited) | ||
The below table presents volume percentage changes for the current quarter compared to the prior year quarter for products | ||
Product | Volume Percentage Change | |
All (1) | 2.3听% | |
Side dishes | 0.5听% | |
Egg | 8.0听% | |
Cheese | (10.7听%) | |
Sausage | 1.6听% | |
(1) Excluding the contribution from PPI in the current year period, volume percentage change was | ||
EXPLANATION AND RECONCILIATION OF NON-GAAP MEASURES
Post uses certain non-GAAP measures in this release to supplement the financial measures prepared in accordance with
Adjusted net earnings/loss and Adjusted diluted earnings/loss per common share
Post believes Adjusted net earnings/loss and Adjusted diluted earnings/loss per common share are useful to investors in evaluating Post's operating performance because they exclude items that affect the comparability of Post's financial results and could potentially distort an understanding of the trends in business performance.
Adjusted net earnings/loss and Adjusted diluted earnings/loss per common share are adjusted for the following items:
a. | Income/expense on swaps, net: Post has excluded the impact of mark-to-market adjustments and cash settlements on interest rate swaps due to the inherent uncertainty and volatility associated with such amounts based on changes in assumptions with respect to estimates of fair value and economic conditions and as the amount and frequency of such adjustments are not consistent. |
b. | Restructuring and facility closure costs, including accelerated depreciation: Post has excluded certain costs associated with facility closures as the amount and frequency of such adjustments are not consistent. Additionally, Post believes that these costs do not reflect expected ongoing future operating expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods. |
c. | Integration costs and transaction costs: Post has excluded transaction costs related to professional service fees and other related costs associated with signed and closed business combinations and divestitures and integration costs incurred to integrate acquired or to-be-acquired businesses as Post believes that these exclusions allow for more meaningful evaluation of Post's current operating performance and comparisons of Post's operating performance to other periods. Post believes such costs are generally not relevant to assessing or estimating the long-term performance of acquired assets as part of Post or the performance of the divested assets, and such costs are not factored into management's evaluation of potential acquisitions or Post's performance after completion of an acquisition or the evaluation to divest an asset. In addition, the frequency and amount of such charges varies significantly based on the size and timing of the transaction and the maturity of the businesses being acquired or divested. Also, the size, complexity and/or volume of past transactions, which often drive the magnitude of such expenses, may not be indicative of the size, complexity and/or volume of future transactions. By excluding these expenses, management is better able to evaluate Post's ability to utilize its existing assets and estimate the long-term value that acquired assets will generate for Post. |
d. | Mark-to-market adjustments on equity security investments: Post has excluded the impact of mark-to-market adjustments on equity security investments due to the inherent volatility associated with such amounts based on changes in market pricing variations and as the amount and frequency of such adjustments are not consistent. Additionally, these adjustments are primarily non-cash items and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods. |
e. | Mark-to-market adjustments on commodity and foreign exchange hedges: Post has excluded the impact of mark-to-market adjustments on commodity and foreign exchange hedges due to the inherent uncertainty and volatility associated with such amounts based on changes in assumptions with respect to fair value estimates. Additionally, these adjustments are primarily non-cash items, and the amount and frequency of such adjustments are not consistent. |
f. | Debt premiums paid/discounts received, net: Post has excluded payments and other expenses for premiums on debt extinguishment, net of gains realized on debt repurchased at a discount, as such payments are inconsistent in amount and frequency. Additionally, Post believes that these costs do not reflect expected ongoing future operating expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods. |
g. | Asset disposal costs:听Post has excluded costs recorded in connection with the disposal of certain assets which were never put into use and/or the demolition and site remediation of unused facilities as the amount and frequency of these costs are not consistent. Additionally, Post believes that these costs do not reflect expected ongoing future operating expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods. |
h. | Adjustment to/gain on bargain purchase:听Post has excluded gains recorded for acquisitions in which the fair value of the net assets acquired exceeds the purchase price and adjustments to such gains as such amounts are inconsistent in amount and frequency. Post believes such gains and adjustments are generally not relevant to assessing or estimating the long-term performance of acquired assets as part of Post, and such amounts are not factored into the performance of acquisitions after their completion. |
i. | Inventory revaluation adjustment on acquired businesses: Post has excluded the impact of fair value step-up adjustments to inventory in connection with business combinations as such adjustments represent non-cash items, are not consistent in amount and frequency and are significantly impacted by the timing and size of Post's acquisitions. |
j. | Advisory income: Post has excluded advisory income received from 8th Avenue while it was unconsolidated as Post believes such income does not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods. |
k. | Provision for legal settlements: Post has excluded gains and losses recorded to recognize the anticipated or actual resolution of certain litigation as Post believes such gains and losses do not reflect expected ongoing future operating income and expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods. |
l. | Gain/loss on sale of business: Post has excluded gains and losses recorded on divestitures as the amount and frequency of such adjustments are not consistent. Additionally, Post believes that these gains and losses do not reflect expected ongoing future operating income and expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods. |
m. | Income tax effect on adjustments: Post has included the income tax impact of the non-GAAP adjustments using a rate described in the applicable footnote of the reconciliation tables, as Post believes that its GAAP effective income tax rate as reported is not representative of the income tax expense impact of the adjustments. |
Adjusted EBITDA, segment Adjusted EBITDA, Adjusted EBITDA as a percentage of Net Sales and segment Adjusted EBITDA as a percentage of Net Sales
Post believes that Adjusted EBITDA is useful to investors in evaluating Post's operating performance and liquidity because (i) Post believes it is widely used to measure a company's operating performance without regard to items such as depreciation and amortization, which can vary depending upon accounting methods and the book value of assets, (ii) it presents a measure of corporate performance exclusive of Post's capital structure and the method by which the assets were acquired and (iii) it is a financial indicator of a company's ability to service its debt, as Post is required to comply with certain covenants and limitations that are based on variations of EBITDA in its financing documents. Post believes that segment Adjusted EBITDA is useful to investors in evaluating Post's operating performance because it allows for assessment of the operating performance of each reportable segment. Management uses Adjusted EBITDA to provide forward-looking guidance and uses Adjusted EBITDA and segment Adjusted EBITDA to forecast future results. Post believes that Adjusted EBITDA as a percentage of Net Sales and segment Adjusted EBITDA as a percentage of Net Sales are measures useful to investors in evaluating Post's operating performance because they allow for meaningful comparison of operating performance across periods.
Adjusted EBITDA and segment Adjusted EBITDA reflect adjustments for income tax expense/benefit, interest expense, net and depreciation and amortization, and the following adjustments discussed above: income/expense on swaps, net, restructuring and facility closure costs, integration costs and transaction costs, mark-to-market adjustments on equity security investments, mark-to-market adjustments on commodity and foreign exchange hedges, asset disposal costs, adjustment to/gain on bargain purchase, inventory revaluation adjustment on acquired businesses, advisory income, provision for legal settlements and gain/loss on sale of business. Additionally, Adjusted EBITDA and segment Adjusted EBITDA reflect adjustments for the following items:
n. | Stock-based compensation: Post's compensation strategy includes the use of stock-based compensation to attract and retain executives and employees by aligning their long-term compensation interests with shareholders' investment interests. Post has excluded stock-based compensation as stock-based compensation can vary significantly based on reasons such as the timing, size and nature of the awards granted and subjective assumptions which are unrelated to operational decisions and performance in any particular period and does not contribute to meaningful comparisons of Post's operating performances to other periods. |
o. | Gain/loss on extinguishment of debt, net: Post has excluded gains and losses recorded on extinguishment of debt, inclusive of payments for premiums, the write-off of debt issuance costs, tender fees and the write-off of net unamortized debt premiums, net of gains realized on debt repurchased at a discount, as such gains and losses are inconsistent in amount and frequency. Additionally, Post believes that these gains and losses do not reflect expected ongoing future operating income and expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods. |
p. | Equity method investment adjustment: Post has included adjustments for its portion of income tax expense/benefit, interest expense, net and depreciation and amortization for Weetabix's unconsolidated investment accounted for using equity method accounting as Post believes these adjustments contribute to a more meaningful evaluation of Post's current operating performance. |
q. | Noncontrolling interest adjustment: Post has included adjustments for income tax expense/benefit, interest expense, net and depreciation and amortization for Weetabix's consolidated investment which is attributable to the noncontrolling owners of Weetabix's consolidated investment as Post believes these adjustments contribute to a more meaningful evaluation of Post's current operating performance. |
Free cash flow
Free cash flow is a non-GAAP measure which represents net cash provided by operating activities less capital expenditures. Post believes free cash flow is useful to investors in evaluating Post's ability to service debt and repurchase shares of its common stock.
听
RECONCILIATION OF NET EARNINGS TO ADJUSTED NET EARNINGS (Unaudited) | ||||||||
Three Months Ended | Nine Months Ended听 | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Net Earnings | $听听听听 108.8 | $听听听听听听 99.8 | $听听听听 284.7 | $听听听听 285.1 | ||||
Adjustments: | ||||||||
Expense (income) on swaps, net | 2.6 | (3.1) | (7.3) | 4.7 | ||||
Restructuring and facility closure costs, including accelerated | 12.3 | 6.1 | 26.9 | 23.2 | ||||
Integration costs | 3.6 | 12.4 | 24.3 | 26.5 | ||||
Mark-to-market adjustments on equity security investments | 3.8 | 鈥� | 10.4 | (1.2) | ||||
Mark-to-market adjustments on commodity and foreign exchange | (1.5) | (9.5) | (5.9) | (1.2) | ||||
Transaction costs | 0.9 | (1.1) | 1.9 | 1.2 | ||||
Debt (discounts received) premiums paid, net | 鈥� | (1.9) | 4.4 | (3.5) | ||||
Asset disposal costs | 1.6 | 鈥� | 2.0 | 鈥� | ||||
Adjustment to/(gain) on bargain purchase | 鈥� | 0.4 | 鈥� | (5.8) | ||||
Inventory revaluation adjustment on acquired businesses | 鈥� | 鈥� | 鈥� | 1.0 | ||||
Advisory income | (0.1) | (0.1) | (0.4) | (0.4) | ||||
Provision for legal settlements | 鈥� | 0.3 | 0.1 | 0.8 | ||||
Loss on sale of business | 鈥� | 0.8 | 鈥� | 0.8 | ||||
Total Net Adjustments | 23.2 | 4.3 | 56.4 | 46.1 | ||||
Income tax effect on adjustments (1) | (5.6) | (1.0) | (14.0) | (12.6) | ||||
Adjusted Net Earnings | $听听听听 126.4 | $听听听听 103.1 | $听听听听 327.1 | $听听听听 318.6 | ||||
(1) Income tax effect on adjustments was calculated on all items, except income/expense on swaps, net and adjustment to/gain听on bargain purchase, using a rate of |
听
RECONCILIATION OF DILUTED EARNINGS PER COMMON SHARE | ||||||||
Three Months Ended | Nine Months Ended听 | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Diluted Earnings per Common Share | $听听听听听听听 1.79 | $听听听听听听听 1.53 | $听听听听听听听 4.60 | $听听听听听听听 4.36 | ||||
Adjustment to Diluted Earnings per Common Share for impact of | (0.05) | (0.04) | (0.13) | (0.12) | ||||
Adjustments: | ||||||||
Expense (income) on swaps, net | 0.04 | (0.05) | (0.11) | 0.07 | ||||
Restructuring and facility closure costs, including accelerated depreciation | 0.20 | 0.09 | 0.42 | 0.35 | ||||
Integration costs | 0.06 | 0.19 | 0.38 | 0.39 | ||||
Mark-to-market adjustments on equity security investments | 0.06 | 鈥� | 0.17 | (0.02) | ||||
Mark-to-market adjustments on commodity and foreign exchange hedges | (0.02) | (0.14) | (0.09) | (0.02) | ||||
Transaction costs | 0.01 | (0.02) | 0.03 | 0.02 | ||||
Debt (discounts received) premiums paid, net | 鈥� | (0.03) | 0.07 | (0.05) | ||||
Asset disposal costs | 0.03 | 鈥� | 0.03 | 鈥� | ||||
Adjustment to/(gain) on bargain purchase | 鈥� | 0.01 | 鈥� | (0.09) | ||||
Inventory revaluation adjustment on acquired businesses | 鈥� | 鈥� | 鈥� | 0.02 | ||||
Advisory income | 鈥� | 鈥� | (0.01) | (0.01) | ||||
Provision for legal settlements | 鈥� | 鈥� | 鈥� | 0.01 | ||||
Loss on sale of business | 鈥� | 0.01 | 鈥� | 0.01 | ||||
Total Net Adjustments | 0.38 | 0.06 | 0.89 | 0.68 | ||||
Income tax effect on adjustments (2) | (0.09) | (0.01) | (0.22) | (0.19) | ||||
Adjusted Diluted Earnings per Common Share | $听听听听听听 2.03 | $听听听听听听 1.54 | $听听听听听听 5.14 | $听听听听听听 4.73 | ||||
(1) Represents the exclusion of interest expense, net of tax, associated with Post's convertible senior notes, which was treated听as an adjustment to income available to common shareholders for diluted earnings per common share. Post believes this听exclusion allows for more meaningful comparison of performance to other periods. |
(2) Income tax effect on adjustments was calculated on all items, except income/expense on swaps, net and adjustment to/gain听on bargain purchase, using a rate of |
听
RECONCILIATION OF NET EARNINGS TO ADJUSTED EBITDA (Unaudited) | |||||||
Three Months Ended | Nine Months Ended听 | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Net Earnings | $听听 99.8 | ||||||
Income tax expense | 34.7 | 31.7 | 86.8 | 88.8 | |||
Interest expense, net | 88.5 | 78.8 | 259.6 | 236.9 | |||
Depreciation and amortization | 132.2 | 120.7 | 378.1 | 352.7 | |||
Stock-based compensation | 20.1 | 21.1 | 60.2 | 60.9 | |||
Expense (income) on swaps, net | 2.6 | (3.1) | (7.3) | 4.7 | |||
Restructuring and facility closure costs, excluding accelerated | 1.9 | (0.2) | 13.1 | 8.6 | |||
Integration costs | 3.6 | 12.4 | 24.3 | 26.5 | |||
Mark-to-market adjustments on equity security investments | 3.8 | 鈥� | 10.4 | (1.2) | |||
Mark-to-market adjustments on commodity and foreign exchange | (1.5) | (9.5) | (5.9) | (1.2) | |||
Transaction costs | 0.9 | (1.1) | 1.9 | 1.2 | |||
(Gain) loss on extinguishment of debt, net | 鈥� | (1.8) | 5.8 | (4.6) | |||
Asset disposal costs | 1.6 | 鈥� | 2.0 | 鈥� | |||
Adjustment to/(gain) on bargain purchase | 鈥� | 0.4 | 鈥� | (5.8) | |||
Inventory revaluation adjustment on acquired businesses | 鈥� | 鈥� | 鈥� | 1.0 | |||
Advisory income | (0.1) | (0.1) | (0.4) | (0.4) | |||
Provision for legal settlements | 鈥� | 0.3 | 0.1 | 0.8 | |||
Loss on sale of business | 鈥� | 0.8 | 鈥� | 0.8 | |||
Equity method investment adjustment | 0.1 | 0.1 | 0.3 | 0.3 | |||
Noncontrolling interest adjustment | (0.2) | (0.1) | (0.3) | (0.2) | |||
Adjusted EBITDA | $听 1,113.4 | $听 1,054.9 | |||||
Net Earnings as a percentage of Net Sales | 5.5听% | 5.1听% | 4.8听% | 4.8听% | |||
Adjusted EBITDA as a percentage of Net Sales | 20.0听% | 18.0听% | 18.8听% | 17.8听% | |||
听
RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited) | |||||||||
Post | Weetabix | Foodservice | Refrigerated | Corporate/ | |||||
Segment Profit | $听听 120.5 | $听听听听听 19.3 | $听听 123.9 | $听听听听听 24.5 | $听听听听听听听听听听听听 鈥� | ||||
General corporate expenses and other | 鈥� | 鈥� | 鈥� | 鈥� | (53.8) | ||||
Other expense, net | 鈥� | 鈥� | 鈥� | 鈥� | 0.2 | ||||
Operating Profit | 120.5 | 19.3 | 123.9 | 24.5 | (53.6) | ||||
Other expense, net | 鈥� | 鈥� | 鈥� | 鈥� | (0.2) | ||||
Depreciation and amortization | 55.4 | 13.2 | 33.5 | 18.9 | 11.2 | ||||
Stock-based compensation | 鈥� | 鈥� | 鈥� | 鈥� | 20.1 | ||||
Restructuring and facility closure costs, excluding | 鈥� | 鈥� | 鈥� | 鈥� | 1.9 | ||||
Integration costs | 1.6 | 0.1 | 鈥� | 1.9 | 鈥� | ||||
Mark-to-market adjustments on equity security | 鈥� | 鈥� | 鈥� | 鈥� | 3.8 | ||||
Mark-to-market adjustments on commodity and foreign | 鈥� | 0.1 | 1.6 | 鈥� | (3.2) | ||||
Transaction costs | 鈥� | 鈥� | 鈥� | 鈥� | 0.9 | ||||
Asset disposal costs | 鈥� | 鈥� | 鈥� | 鈥� | 1.6 | ||||
Advisory income | 鈥� | 鈥� | 鈥� | 鈥� | (0.1) | ||||
Equity method investment adjustment | 鈥� | 0.2 | 鈥� | 鈥� | 鈥� | ||||
Noncontrolling interest adjustment | 鈥� | (0.1) | 鈥� | 鈥� | 鈥� | ||||
Adjusted EBITDA | $听听 177.5 | $听听听听听 32.8 | $听听 159.0 | $听听听听听 45.3 | $听听听听听听 (17.6) | ||||
Segment Profit as a percentage of Net Sales | 13.2听% | 14.0听% | 17.7听% | 10.5听% | 鈥� | ||||
Adjusted EBITDA as a percentage of Net Sales | 19.4听% | 23.8听% | 22.8听% | 19.4听% | 鈥� | ||||
听
RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited) | |||||||||
Post | Weetabix | Foodservice | Refrigerated | Corporate/ | |||||
Segment Profit | $听听 128.6 | $听听听听听 24.1 | $听听听听听 89.6 | $听听听听听听听 5.1 | $听听听听听听听听听听听听 鈥� | ||||
General corporate expenses and other | 鈥� | 鈥� | 鈥� | 鈥� | (41.9) | ||||
Other income, net | 鈥� | 鈥� | 鈥� | 鈥� | (2.3) | ||||
Operating Profit | 128.6 | 24.1 | 89.6 | 5.1 | (44.2) | ||||
Other income, net | 鈥� | 鈥� | 鈥� | 鈥� | 2.3 | ||||
Depreciation and amortization | 52.5 | 10.2 | 33.0 | 17.9 | 7.1 | ||||
Stock-based compensation | 鈥� | 鈥� | 鈥� | 鈥� | 21.1 | ||||
Restructuring and facility closure costs, excluding | 鈥� | 鈥� | 鈥� | 鈥� | (0.2) | ||||
Integration costs | 12.4 | 鈥� | 鈥� | 鈥� | 鈥� | ||||
Mark-to-market adjustments on commodity and foreign | 鈥� | 鈥� | (2.2) | 鈥� | (7.3) | ||||
Transaction costs | 鈥� | 鈥� | 鈥� | 鈥� | (1.1) | ||||
Adjustment to gain on bargain purchase | 鈥� | 鈥� | 鈥� | 鈥� | 0.4 | ||||
Advisory income | 鈥� | 鈥� | 鈥� | 鈥� | (0.1) | ||||
Provision for legal settlements | 鈥� | 鈥� | 鈥� | 0.3 | 鈥� | ||||
Loss on sale of business | 鈥� | 鈥� | 鈥� | 鈥� | 0.8 | ||||
Equity method investment adjustment | 鈥� | 0.1 | 鈥� | 鈥� | 鈥� | ||||
Noncontrolling interest adjustment | 鈥� | (0.2) | 鈥� | 鈥� | 鈥� | ||||
Adjusted EBITDA | $听听 193.5 | $听听听听听 34.2 | $听听 120.4 | $听听听听听 23.3 | $听听听听听听 (21.2) | ||||
Segment Profit as a percentage of Net Sales | 12.8听% | 17.7听% | 15.2听% | 2.4听% | 鈥� | ||||
Adjusted EBITDA as a percentage of Net Sales | 19.2听% | 25.1听% | 20.4听% | 10.9听% | 鈥� | ||||
听
RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited) | |||||||||
Post | Weetabix | Foodservice | Refrigerated | Corporate/ | |||||
Segment Profit | $听听 391.1 | $听听听听听 53.4 | $听听 271.5 | $听听听听听 64.9 | $听听听听听听听听听听听听 鈥� | ||||
General corporate expenses and other | 鈥� | 鈥� | 鈥� | 鈥� | (151.7) | ||||
Other expense, net | 鈥� | 鈥� | 鈥� | 鈥� | 1.7 | ||||
Operating Profit | 391.1 | 53.4 | 271.5 | 64.9 | (150.0) | ||||
Other expense, net | 鈥� | 鈥� | 鈥� | 鈥� | (1.7) | ||||
Depreciation and amortization | 173.0 | 37.0 | 97.3 | 54.4 | 16.4 | ||||
Stock-based compensation | 鈥� | 鈥� | 鈥� | 鈥� | 60.2 | ||||
Restructuring and facility closure costs, excluding | 鈥� | 鈥� | 鈥� | 鈥� | 13.1 | ||||
Integration costs | 22.0 | 0.1 | 鈥� | 2.2 | 鈥� | ||||
Mark-to-market adjustments on equity security | 鈥� | 鈥� | 鈥� | 鈥� | 10.4 | ||||
Mark-to-market adjustments on commodity and foreign | 鈥� | 0.2 | 3.0 | 鈥� | (9.1) | ||||
Transaction costs | 鈥� | 鈥� | 鈥� | 鈥� | 1.9 | ||||
Asset disposal costs | 鈥� | 鈥� | 鈥� | 鈥� | 2.0 | ||||
Advisory income | 鈥� | 鈥� | 鈥� | 鈥� | (0.4) | ||||
Provision for legal settlements | 鈥� | 鈥� | 鈥� | 0.1 | 鈥� | ||||
Equity method investment adjustment | 鈥� | 0.7 | 鈥� | 鈥� | 鈥� | ||||
Noncontrolling interest adjustment | 鈥� | (0.3) | 鈥� | 鈥� | 鈥� | ||||
Adjusted EBITDA | $听听 586.1 | $听听听听听 91.1 | $听听 371.8 | $听听 121.6 | $听听听听听听 (57.2) | ||||
Segment Profit as a percentage of Net Sales | 13.6听% | 13.4听% | 14.1听% | 9.0听% | 鈥� | ||||
Adjusted EBITDA as a percentage of Net Sales | 20.5听% | 22.9听% | 19.3听% | 16.8听% | 鈥� | ||||
听
RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited) | |||||||||
Post | Weetabix | Foodservice | Refrigerated | Corporate/ | |||||
Segment Profit | $听听 401.0 | $听听听听听 63.2 | $听听 229.8 | $听听听听听 63.1 | $听听听听听听听听听听听听 鈥� | ||||
General corporate expenses and other | 鈥� | 鈥� | 鈥� | 鈥� | (145.9) | ||||
Other income, net | 鈥� | 鈥� | 鈥� | 鈥� | (8.6) | ||||
Operating Profit | 401.0 | 63.2 | 229.8 | 63.1 | (154.5) | ||||
Other income, net | 鈥� | 鈥� | 鈥� | 鈥� | 8.6 | ||||
Depreciation and amortization | 153.7 | 29.6 | 98.8 | 53.5 | 17.1 | ||||
Stock-based compensation | 鈥� | 鈥� | 鈥� | 鈥� | 60.9 | ||||
Restructuring and facility closure costs, excluding | 鈥� | 鈥� | 鈥� | 鈥� | 8.6 | ||||
Integration costs | 26.6 | 鈥� | 鈥� | 鈥� | (0.1) | ||||
Mark-to-market adjustments on equity security | 鈥� | 鈥� | 鈥� | 鈥� | (1.2) | ||||
Mark-to-market adjustments on commodity and foreign | 鈥� | 鈥� | (0.7) | 鈥� | (0.5) | ||||
Transaction costs | 鈥� | 鈥� | 鈥� | 鈥� | 1.2 | ||||
Gain on bargain purchase | 鈥� | 鈥� | 鈥� | 鈥� | (5.8) | ||||
Inventory revaluation adjustment on acquired businesses | 1.0 | 鈥� | 鈥� | 鈥� | 鈥� | ||||
Advisory income | 鈥� | 鈥� | 鈥� | 鈥� | (0.4) | ||||
Provision for legal settlements | 鈥� | 鈥� | 鈥� | 0.8 | 鈥� | ||||
Loss on sale of business | 鈥� | 鈥� | 鈥� | 鈥� | 0.8 | ||||
Equity method investment adjustment | 鈥� | 0.2 | 鈥� | 鈥� | 鈥� | ||||
Noncontrolling interest adjustment | 鈥� | (0.4) | 鈥� | 鈥� | 鈥� | ||||
Adjusted EBITDA | $听听 582.3 | $听听听听听 92.6 | $听听 327.9 | $听听 117.4 | $听听听听听听 (65.3) | ||||
Segment Profit as a percentage of Net Sales | 13.1听% | 15.7听% | 13.4听% | 8.6听% | 鈥� | ||||
Adjusted EBITDA as a percentage of Net Sales | 19.0听% | 23.0听% | 19.2听% | 16.0听% | 鈥� | ||||
听
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW (Unaudited) | |||
Nine Months Ended听 | |||
2025 | 2024 | ||
Net cash provided by operating activities | $听听听听 697.0 | $听听听听 696.3 | |
Less: Capital expenditures | 360.5 | 290.3 | |
Free Cash Flow | $听听听听 336.5 | $听听听听 406.0 | |
听
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