PR Newswire
ST. LOUIS
, Nov. 20, 2025 /PRNewswire/ — Post Holdings, Inc. (NYSE:POST), a consumer packaged goods holding company, today reported results for the fourth fiscal quarter and fiscal year ended September 30, 2025.
Highlights:
-
Fourth
quarter net sales of $2.2 billion; operating profit of $168.4 million; net earnings of $51.0 million and Adjusted EBITDA (non-GAAP)* of $425.4 million - Fiscal year net sales of $8.2 billion; operating profit of $799.3 million; net earnings of $335.7 million and Adjusted EBITDA of $1,538.8 million
- Fiscal year 2026 Adjusted EBITDA (non-GAAP)* expected to range between $1,500–$1,540 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 July 1, 2025, Post completed its acquisition of 8th Avenue Food & Provisions, Inc. (“8th Avenue”), the results of which are included in the Post Consumer Brands segment. On August 29, 2025, Post announced it had entered into an agreement to sell the pasta business of 8th Avenue, with the transaction expected to close in December of Post’s first quarter of fiscal year 2026.
On March 3, 2025, Post completed its acquisition of Potato Products of Idaho, L.L.C. (“PPI”), the results of which are included in the Refrigerated Retail and Foodservice segments.
Fourth
Quarter Consolidated Operating Results
Net sales were $2,247.0 million, an increase of 11.8%, or $236.9 million, compared to $2,010.1 million in the prior year period and included $249.4 million in net sales from acquisitions in the current year period. Excluding the benefit from acquisitions in the current year period, net sales growth in Foodservice (primarily driven by incremental highly pathogenic avian influenza pricing and volume growth in eggs and protein-based shakes), Weetabix (primarily driven by favorable foreign currency exchange rates) and Refrigerated Retail (primarily driven by incremental highly pathogenic avian influenza pricing) was offset by declines in Post Consumer Brands (driven by pet food distribution losses and cereal category declines). Gross profit was $602.1 million, or 26.8% of net sales, an increase of 4.6%, or $26.7 million, compared to $575.4 million, or 28.6% of net sales, in the prior year period.
Selling, general and administrative (“SG&A”) expenses were $350.1 million, or 15.6% of net sales, an increase of 2.5%, or $8.4 million, compared to $341.7 million, or 17.0% of net sales, in the prior year period. SG&A expenses in the fourth quarter of fiscal years 2025 and 2024 included $14.4 million and $10.0 million, respectively, of integration costs, which were primarily related to acquisitions and were treated as adjustments for non-GAAP measures. Operating profit was $168.4 million, a decrease of 11.8%, or $22.5 million, compared to $190.9 million in the prior year period. Operating profit in the fourth quarter of fiscal year 2025 included a non-cash goodwill impairment charge of $29.8 million, which is discussed later in this release and was treated as an adjustment for non-GAAP measures.
Net earnings were $51.0 million, a decrease of 37.5%, or $30.6 million, compared to $81.6 million in the prior year period. Net earnings included the following:
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(in millions) |
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Loss on extinguishment of debt, net (1) |
$ — |
$ 6.7 |
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Expense on swaps, net (1) |
0.4 |
11.0 |
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Diluted earnings per common share were $0.88, compared to $1.28 in the prior year period. Adjusted net earnings (non-GAAP)* were $127.5 million, compared to $100.9 million in the prior year period. Adjusted diluted earnings per common share (non-GAAP)* were $2.09, compared to $1.53 in the prior year period.
Adjusted EBITDA was $425.4 million, an increase of 22.0%, or $76.7 million, compared to $348.7 million in the prior year period.
Fiscal Year 2025
Consolidated Operating Results
Net sales were $8,158.1 million, an increase of $235.4 million, compared to $7,922.7 million in the prior year. Gross profit was $2,339.4 million, or 28.7% of net sales, an increase of 1.5%, or $34.5 million, compared to $2,304.9 million, or 29.1% of net sales, in the prior year.
SG&A expenses were $1,308.6 million, or 16.0% of net sales, a decrease of 1.6%, or $21.8 million, compared to $1,330.4 million, or 16.8% of net sales, in the prior year. Operating profit was $799.3 million, an increase of 0.7%, or $5.8 million, compared to $793.5 million in the prior year. Operating profit in fiscal year 2025 included a non-cash goodwill impairment charge of $29.8 million, which is discussed later in this release and was treated as an adjustment for non-GAAP measures.
Net earnings were $335.7 million, a decrease of 8.5%, or $31.0 million, compared to $366.7 million in the prior year. Net earnings included the following:
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(in millions) |
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Loss on extinguishment of debt, net (1) |
$ 5.8 |
$ 2.1 |
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(Income) expense on swaps, net (1) |
(6.9) |
15.7 |
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Diluted earnings per common share were $5.51, compared to $5.64 in the prior year. Adjusted net earnings were $454.5 million, compared to $419.5 million in the prior year. Adjusted diluted earnings per common share were $7.23, compared to $6.27 in the prior year.
Adjusted EBITDA was $1,538.8 million, an increase of 9.6%, or $135.2 million, compared to $1,403.6 million in the prior year.
Post Consumer Brands
Primarily North American ready-to-eat (“RTE”) cereal and granola, pet food and nut butters.
For the fourth quarter, net sales were $1,158.8 million, an increase of 10.6%, or $111.4 million, compared to the prior year period. Net sales included $242.7 million in the fourth quarter attributable to 8th Avenue. Excluding the benefit of 8th Avenue in the current year period, volumes decreased 11.5%. Pet food volumes decreased 13.2%, primarily driven by reductions in co-manufactured and private label products and distribution losses. Cereal and granola volumes decreased 8.1%, primarily driven by category declines and the lapping of elevated promotional activity in the prior year period. Segment profit was $102.8 million, a decrease of 26.7%, or $37.4 million, compared to the prior year period. Segment Adjusted EBITDA (non-GAAP)* was $208.0 million, an increase of 2.1%, or $4.3 million, compared to the prior year period.
For fiscal year 2025, net sales were $4,024.6 million, a decrease of 2.1%, or $85.0 million, compared to the prior year. Segment profit was $493.9 million, a decrease of 8.7%, or $47.3 million, compared to the prior year. Segment Adjusted EBITDA was $794.1 million, an increase of 1.0%, or $8.1 million, compared to the prior year.
Weetabix
Primarily United Kingdom RTE cereal, muesli and protein-based shakes.
For the fourth quarter, net sales were $145.0 million, an increase of 3.6%, or $5.0 million, compared to the prior year period. Net sales reflected a foreign currency exchange rate tailwind of approximately 360 basis points. Volumes decreased 2.9%, primarily driven by the strategic exit of low-performing products, partially offset by growth in protein-based shakes. Segment profit was $20.6 million, an increase of 4.6%, or $0.9 million, compared to the prior year period. Segment Adjusted EBITDA was $32.6 million, an increase of 0.6%, or $0.2 million, compared to the prior year period.
For fiscal year 2025, net sales were $542.2 million, a decrease of 0.2%, or $1.0 million, compared to the prior year. Segment profit was $74.0 million, a decrease of 10.7%, or $8.9 million, compared to the prior year. Segment Adjusted EBITDA was $123.7 million, a decrease of 1.0%, or $1.3 million, compared to the prior year.
Foodservice
Primarily egg and potato products.
For the fourth quarter, net sales were $718.0 million, an increase of 20.4%, or $121.9 million, compared to the prior year period. Net sales included $5.6 million in the fourth quarter attributable to PPI. Excluding the benefit of PPI in the current year period, volumes increased 9.3%, driven by distribution increases in egg and potato products, customer egg inventory normalization and growth in protein-based shakes. Segment profit was $128.2 million, an increase of 63.7%, or $49.9 million, compared to the prior year period. Segment Adjusted EBITDA was $161.1 million, an increase of 49.9%, or $53.6 million, compared to the prior year period.
For fiscal year 2025, net sales were $2,641.0 million, an increase of 14.5%, or $333.9 million, compared to the prior year. Segment profit was $399.7 million, an increase of 29.7%, or $91.6 million, compared to the prior year. Segment Adjusted EBITDA was $532.9 million, an increase of 22.4%, or $97.5 million, compared to the prior year.
Refrigerated Retail
Primarily side dish, egg, cheese and sausage products.
For the fourth quarter, net sales were $228.2 million, an increase of 0.8%, or $1.7 million, compared to the prior year period. Net sales included $1.1 million in the fourth quarter attributable to PPI. Excluding the benefit of PPI in the current year period, volumes decreased 4.0%, primarily due to declines in sausage and egg products. Volume information by product is disclosed in a table presented later in this release. Segment profit was $23.4 million, an increase of 82.8%, or $10.6 million, compared to the prior year period. Segment Adjusted EBITDA was $45.6 million, an increase of 44.3%, or $14.0 million, compared to the prior year period.
For fiscal year 2025, net sales were $953.3 million, a decrease of 0.9%, or $8.9 million, compared to the prior year. Segment profit was $88.3 million, an increase of 16.3%, or $12.4 million, compared to the prior year. Segment Adjusted EBITDA was $167.2 million, an increase of 12.2%, or $18.2 million, compared to the prior year.
Impairment of Goodwill and Other Intangible Assets
A non-cash goodwill impairment charge of $29.8 million was recorded in the fourth quarter of fiscal year 2025 related to Post’s Cheese and Dairy reporting unit within the Refrigerated Retail segment. The goodwill impairment charge was driven primarily by the continued narrowing of the pricing gap between branded and private label competitors, resulting in further distribution losses and declining profitability. No goodwill impairment charge was recorded in fiscal year 2024.
Interest, Loss on Extinguishment of Debt, Expense (Income) on Swaps and Income Tax
Interest expense, net was $101.8 million in the fourth quarter of fiscal year 2025, compared to $79.6 million in the fourth quarter of fiscal year 2024. Interest expense, net was $361.4 million in fiscal year 2025, compared to $316.5 million in fiscal year 2024. The increase in interest expense, net in the fourth quarter of fiscal year 2025 was driven by higher average outstanding principal amounts of debt, a higher weighted-average interest rate and lower interest income compared to the prior year period. The increase in interest expense, net in fiscal year 2025 compared to the prior year was driven by higher average outstanding principal amounts of debt and a higher weighted-average interest rate, partially offset by higher interest income.
No gain or loss on extinguishment of debt, net was recorded in the fourth quarter of fiscal year 2025. Loss on extinguishment of debt, net of $6.7 million was recorded in the fourth quarter of fiscal year 2024. Loss on extinguishment of debt, net of $5.8 million was recorded in fiscal year 2025 in connection with Post’s redemption of its outstanding 5.625% senior notes due January 2028. Loss on extinguishment of debt, net of $2.1 million was recorded in fiscal year 2024.
Expense (income) on swaps, net relates to mark-to-market adjustments and settlements on interest rate swaps. Expense on swaps, net was $0.4 million in the fourth quarter of fiscal year 2025, compared to $11.0 million in the prior year period. Income on swaps, net was $6.9 million in fiscal year 2025, compared to expense of $15.7 million in the prior year.
Income tax expense was $21.9 million in the fourth quarter of fiscal year 2025, an effective income tax rate of 30.0%, compared to $16.3 million in the fourth quarter of fiscal year 2024, an effective income tax rate of 16.6%. For the three months ended September 30, 2025, the effective income tax rate differed significantly from the statutory tax rate primarily as a result of a non-deductible goodwill impairment charge discussed previously in this release and the derecognition of basis differences attributable to 8th Avenue, partially offset by the release of a valuation allowance on one of Post’s foreign operations. For the three months ended September 30, 2024, the effective income tax rate differed significantly from the statutory tax rate primarily as a result of the release of a valuation allowance on certain state net operating losses. Income tax expense was $108.7 million in fiscal year 2025, an effective income tax rate of 24.5%, compared to $105.1 million in the prior year, an effective income tax rate of 22.3%.
Share Repurchases
During the fourth quarter of fiscal year 2025, Post repurchased 2.5 million shares of its common stock for $273.8 million at an average price of $106.48 per share. During fiscal year 2025, Post repurchased 6.4 million shares for $708.5 million at an average price of $109.81 per share. Subsequent to the end of the fourth quarter of fiscal year 2025 through November 19, 2025, Post repurchased 1.0 million shares for $105.5 million at an average price of $105.85 per share. As of November 19, 2025, Post had $282.6 million remaining under its share repurchase authorization.
Outlook
Post management expects Adjusted EBITDA for fiscal year 2026 to be between $1,500–$1,540 million, inclusive of a partial year contribution from 8th Avenue’s pasta business. Post management expects fiscal year 2026 capital expenditures to range between $350–$390 million, which includes Foodservice investment in continued cage-free egg facility expansion and the completion of the Norwalk, Iowa precooked egg facility expansion, for aggregate expenditures of $80–$90 million.
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 United States (“U.S.”) generally accepted accounting principles (“GAAP”). These non-GAAP measures include Adjusted net earnings/loss, Adjusted diluted earnings/loss per common share, Adjusted EBITDA, segment Adjusted EBITDA, Adjusted EBITDA as a percentage of Net Sales, segment Adjusted EBITDA as a percentage of Net Sales and free cash flow. The reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is provided later in this release under “Explanation and Reconciliation of Non-GAAP Measures.”
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.”
Board Update
Post today announced that William P. Stiritz, Chairman of Post’s Board of Directors, will retire from the Board and be named Chairman Emeritus, effective December 16, 2025. Robert V. Vitale, President and Chief Executive Officer and current member of the Board, has been named Chairman of the Board, effective upon Mr. Stiritz’s retirement.
Conference Call to Discuss Earnings Results and Outlook
Post will host a conference call on Friday, November 21, 2025 at 9:00 a.m. ET to discuss financial results for the fourth quarter of fiscal year 2025 and fiscal year 2026 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 U.S. and (785) 424-1699 from outside of the U.S. The conference identification number is POSTQ425. Interested parties are invited to listen to the webcast of the conference call, which can be accessed by visiting the Investors portion of Post’s website at www.postholdings.com.
A replay of the conference call will be available through Friday, November 28, 2025 by dialing (800) 839-6803 in the U.S. and (402) 220-6056 from outside of the U.S. A webcast replay also will be available for a limited period under the Investors portion of Post’s website.
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 Adjusted EBITDA outlook for fiscal year 2026 and Post’s capital expenditure outlook for fiscal year 2026. 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:
- volatility in the cost or availability of inputs to Post’s businesses (including raw materials, energy and other supplies and freight);
- disruptions or inefficiencies in Post’s supply chain, tariffs, inflation, highly pathogenic avian influenza and other agricultural diseases and pests, labor shortages, public health crises, weather events and 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;
- Post’s and its customers’ ability to compete in their respective product categories, including the success of pricing, advertising and promotional programs, declines in demand for Post’s products 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 or optimize its network;
- allegations that Post’s products cause injury or illness, product recalls and withdrawals, product liability claims and other related litigation;
- the success of new product introductions;
- compliance with new, existing and changing laws and regulations;
- 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;
- the impact of litigation;
- Post’s ability to identify, complete and integrate or otherwise effectively execute acquisitions, including 8th Avenue (and including, if the sale of 8th Avenue’s pasta business is not completed, such pasta business) and the pet food assets and operations acquired in April 2023 and December 2023, or other strategic transactions;
- the loss of, a significant reduction of purchases by or the bankruptcy of a major customer;
- differences in Post’s actual operating results from any of its guidance regarding its future performance;
- impairment in the carrying value of goodwill, other intangibles or long-lived assets or changes in critical accounting estimates;
- risks associated with Post’s international businesses;
- business disruption or other losses resulting from changes in governmental administrations or regulatory priorities, 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;
- 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 or 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 St. Louis, Missouri, is a consumer packaged goods holding company with businesses operating in the center-of-the-store, refrigerated, foodservice and food ingredient categories. Its businesses include Post Consumer Brands, Weetabix, Michael Foods and Bob Evans Farms. Post Consumer Brands is a leader in the North American branded and private label ready-to-eat cereal and granola, pet food, nut butter and pasta categories. Weetabix is home to the United Kingdom’s number one selling ready-to-eat cereal brand, Weetabix®. Michael Foods and Bob Evans Farms are leaders in refrigerated foods, delivering innovative, value-added egg and refrigerated potato side dish products to the foodservice and retail channels. For more information, visit www.postholdings.com.
Contact:
Investor Relations
Daniel O’Rourke
[email protected]
(314) 806-3959
Media Relations
Tara Gray
[email protected]
(314) 644-7648
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$ 2,247.0 |
$ 2,010.1 |
$ 8,158.1 |
$ 7,922.7 |
|||
|
Cost of goods sold |
1,644.9 |
1,434.7 |
5,818.7 |
5,617.8 |
|||
|
|
602.1 |
575.4 |
2,339.4 |
2,304.9 |
|||
|
Selling, general and administrative expenses |
350.1 |
341.7 |
1,308.6 |
1,330.4 |
|||
|
Amortization of intangible assets |
53.2 |
46.1 |
200.8 |
184.6 |
|||
|
Impairment of goodwill |
29.8 |
— |
29.8 |
— |
|||
|
Other operating expense (income), net |
0.6 |
(3.3) |
0.9 |
(3.6) |
|||
|
|
168.4 |
190.9 |
799.3 |
793.5 |
|||
|
Interest expense, net |
101.8 |
79.6 |
361.4 |
316.5 |
|||
|
Loss on extinguishment of debt, net |
— |
6.7 |
5.8 |
2.1 |
|||
|
Expense (income) on swaps, net |
0.4 |
11.0 |
(6.9) |
15.7 |
|||
|
Other income, net |
(6.7) |
(4.3) |
(5.0) |
(12.9) |
|||
|
|
72.9 |
97.9 |
444.0 |
472.1 |
|||
|
Income tax expense |
21.9 |
16.3 |
108.7 |
105.1 |
|||
|
Equity method (earnings) loss, net of tax |
(0.1) |
— |
(0.5) |
0.1 |
|||
|
|
51.1 |
81.6 |
335.8 |
366.9 |
|||
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Less: Net earnings attributable to noncontrolling interest |
0.1 |
— |
0.1 |
0.2 |
|||
|
|
$ 51.0 |
$ 81.6 |
$ 335.7 |
$ 366.7 |
|||
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|
|||||||
|
Basic |
$ 0.94 |
$ 1.39 |
$ 5.98 |
$ 6.12 |
|||
|
Diluted |
$ 0.88 |
$ 1.28 |
$ 5.51 |
$ 5.64 |
|||
|
|
|||||||
|
Basic |
54.1 |
58.5 |
56.1 |
59.9 |
|||
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Diluted |
60.9 |
65.8 |
62.9 |
66.9 |
|||
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||||
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Cash and cash equivalents |
$ 176.7 |
$ 787.4 |
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Restricted cash |
6.1 |
3.5 |
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Receivables, net |
735.4 |
582.9 |
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Inventories |
875.0 |
754.2 |
||
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Current assets held for sale |
116.3 |
— |
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Prepaid expenses and other current assets |
115.4 |
103.6 |
||
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|
2,024.9 |
2,231.6 |
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Property, net |
2,698.7 |
2,311.7 |
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Goodwill |
4,844.7 |
4,700.7 |
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Other intangible assets, net |
3,014.6 |
3,146.0 |
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Other assets held for sale |
424.8 |
— |
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Other assets |
520.7 |
464.2 |
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$ 13,528.4 |
$ 12,854.2 |
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Current portion of long-term debt |
$ 1.2 |
$ 1.2 |
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Accounts payable |
624.0 |
483.8 |
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Current liabilities held for sale |
55.5 |
— |
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Other current liabilities |
532.4 |
459.9 |
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|
1,213.1 |
944.9 |
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Long-term debt |
7,421.7 |
6,811.6 |
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Deferred income taxes |
638.5 |
653.0 |
||
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Other liabilities held for sale |
119.7 |
— |
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Other liabilities |
371.6 |
343.4 |
||
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|
9,764.6 |
8,752.9 |
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||||
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Common stock |
0.9 |
0.9 |
||
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Additional paid-in capital |
5,370.7 |
5,331.5 |
||
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Retained earnings |
2,118.9 |
1,783.2 |
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Accumulated other comprehensive income |
8.7 |
6.4 |
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Treasury stock, at cost |
(3,746.1) |
(3,031.4) |
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|
3,753.1 |
4,090.6 |
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Noncontrolling interest |
10.7 |
10.7 |
||
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|
3,763.8 |
4,101.3 |
||
|
|
$ 13,528.4 |
$ 12,854.2 |
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Operating activities |
$ 998.3 |
$ 931.7 |
|
|
Investing activities, including capital expenditures of $510.2 and $429.5 |
(1,419.3) |
(677.5) |
|
|
Financing activities |
(188.6) |
415.6 |
|
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
1.5 |
3.9 |
|
|
|
$ (608.1) |
$ 673.7 |
|
|
|
|||||||||
|
|
|
||||||||
|
|
|
|
|
||||||
|
|
|||||||||
|
Post Consumer Brands |
$ 1,158.8 |
$ 1,047.4 |
$ 4,024.6 |
$ 4,109.6 |
|||||
|
Weetabix |
145.0 |
140.0 |
542.2 |
543.2 |
|||||
|
Foodservice |
718.0 |
596.1 |
2,641.0 |
2,307.1 |
|||||
|
Refrigerated Retail |
228.2 |
226.5 |
953.3 |
962.2 |
|||||
|
Corporate and eliminations |
(3.0) |
0.1 |
(3.0) |
0.6 |
|||||
|
Total |
$ 2,247.0 |
$ 2,010.1 |
$ 8,158.1 |
$ 7,922.7 |
|||||
|
|
|||||||||
|
Post Consumer Brands |
$ 102.8 |
$ 140.2 |
$ 493.9 |
$ 541.2 |
|||||
|
Weetabix |
20.6 |
19.7 |
74.0 |
82.9 |
|||||
|
Foodservice |
128.2 |
78.3 |
399.7 |
308.1 |
|||||
|
Refrigerated Retail |
23.4 |
12.8 |
88.3 |
75.9 |
|||||
|
|
||
|
The below table presents volume percentage changes for the current quarter compared to the prior year quarter for products
|
||
|
|
|
|
|
All (1) |
(2.6 %) |
|
|
Side dishes |
(0.3 %) |
|
|
Egg |
(6.3 %) |
|
|
Cheese |
(7.9 %) |
|
|
Sausage |
(12.5 %) |
|
|
|
||
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 U.S. GAAP. These non-GAAP measures include Adjusted net earnings/loss, Adjusted diluted earnings/loss per common share, Adjusted EBITDA, segment Adjusted EBITDA, Adjusted EBITDA as a percentage of Net Sales, segment Adjusted EBITDA as a percentage of Net Sales and free cash flow. The reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is provided in the tables following this section. Non-GAAP measures are not prepared in accordance with GAAP, as they exclude certain items as described below. These non-GAAP measures may not be comparable to similarly titled measures of other companies.
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. |
|
|
b. |
|
|
c. |
|
|
d. |
|
|
e. |
|
|
f. |
|
|
g. |
|
|
h. |
|
|
i. |
|
|
j. |
|
|
k. |
|
|
l. |
|
|
m. |
|
|
n. |
|
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, impairment of goodwill, inventory revaluation adjustment on acquired businesses, mark-to-market adjustments on equity security investments, mark-to-market adjustments on commodity and foreign exchange hedges, asset disposal costs, gain on bargain purchase, 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:
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
||||||||
|
|
|
|||||||
|
|
|
|
|
|||||
|
|
$ 51.0 |
$ 81.6 |
$ 335.7 |
$ 366.7 |
||||
|
|
||||||||
|
Expense (income) on swaps, net |
0.4 |
11.0 |
(6.9) |
15.7 |
||||
|
Restructuring and facility closure costs, including accelerated |
18.8 |
13.2 |
45.7 |
36.4 |
||||
|
Integration costs |
14.4 |
10.0 |
38.7 |
36.5 |
||||
|
Impairment of goodwill |
29.8 |
— |
29.8 |
— |
||||
|
Inventory revaluation adjustment on acquired businesses |
22.0 |
— |
22.0 |
1.0 |
||||
|
Mark-to-market adjustments on equity security investments |
(3.8) |
(1.9) |
6.6 |
(3.1) |
||||
|
Mark-to-market adjustments on commodity and foreign exchange |
0.9 |
(5.9) |
(5.0) |
(7.1) |
||||
|
Transaction costs |
4.3 |
— |
6.2 |
1.2 |
||||
|
Asset disposal costs |
4.3 |
1.1 |
6.3 |
1.1 |
||||
|
Debt premiums paid |
— |
4.2 |
4.4 |
0.7 |
||||
|
Gain on bargain purchase |
— |
(4.8) |
— |
(10.6) |
||||
|
Advisory income |
(0.1) |
(0.2) |
(0.5) |
(0.6) |
||||
|
Provision for legal settlements |
0.6 |
— |
0.7 |
0.8 |
||||
|
Loss on sale of business |
— |
— |
— |
0.8 |
||||
|
|
91.6 |
26.7 |
148.0 |
72.8 |
||||
|
Income tax effect on adjustments (1) |
(15.1) |
(7.4) |
(29.2) |
(20.0) |
||||
|
|
$ 127.5 |
$ 100.9 |
$ 454.5 |
$ 419.5 |
||||
|
|
|
|
||||||||
|
|
|
|||||||
|
|
|
|
|
|||||
|
|
$ 0.88 |
$ 1.28 |
$ 5.51 |
$ 5.64 |
||||
|
Adjustment to Diluted Earnings per Common Share for impact of |
(0.04) |
(0.04) |
(0.17) |
(0.16) |
||||
|
|
||||||||
|
Expense (income) on swaps, net |
0.01 |
0.17 |
(0.11) |
0.24 |
||||
|
Restructuring and facility closure costs, including accelerated |
0.31 |
0.19 |
0.73 |
0.54 |
||||
|
Integration costs |
0.23 |
0.15 |
0.62 |
0.55 |
||||
|
Impairment of goodwill |
0.49 |
— |
0.47 |
— |
||||
|
Inventory revaluation adjustment on acquired businesses |
0.36 |
— |
0.35 |
0.02 |
||||
|
Mark-to-market adjustments on equity security investments |
(0.06) |
(0.03) |
0.10 |
(0.05) |
||||
|
Mark-to-market adjustments on commodity and foreign exchange |
0.01 |
(0.09) |
(0.08) |
(0.11) |
||||
|
Transaction costs |
0.07 |
— |
0.10 |
0.02 |
||||
|
Asset disposal costs |
0.07 |
0.02 |
0.10 |
0.02 |
||||
|
Debt premiums paid |
— |
0.06 |
0.07 |
0.01 |
||||
|
Gain on bargain purchase |
— |
(0.07) |
— |
(0.16) |
||||
|
Advisory income |
— |
— |
(0.01) |
(0.01) |
||||
|
Provision for legal settlements |
0.01 |
— |
0.01 |
0.01 |
||||
|
Loss on sale of business |
— |
— |
— |
0.01 |
||||
|
|
1.50 |
0.40 |
2.35 |
1.09 |
||||
|
Income tax effect on adjustments (2) |
(0.25) |
(0.11) |
(0.46) |
(0.30) |
||||
|
|
$ 2.09 |
$ 1.53 |
$ 7.23 |
$ 6.27 |
||||
|
|
||||||||
|
|
|
|
|||||||
|
|
|
||||||
|
|
|
|
|
||||
|
|
$ 51.0 |
$ 81.6 |
$ 335.7 |
$ 366.7 |
|||
|
Income tax expense |
21.9 |
16.3 |
108.7 |
105.1 |
|||
|
Interest expense, net |
101.8 |
79.6 |
361.4 |
316.5 |
|||
|
Depreciation and amortization |
146.2 |
124.2 |
524.3 |
476.9 |
|||
|
Stock-based compensation |
21.4 |
23.5 |
81.6 |
84.4 |
|||
|
Expense (income) on swaps, net |
0.4 |
11.0 |
(6.9) |
15.7 |
|||
|
Restructuring and facility closure costs, excluding accelerated |
10.3 |
7.4 |
23.4 |
16.0 |
|||
|
Integration costs |
14.4 |
10.0 |
38.7 |
36.5 |
|||
|
Impairment of goodwill |
29.8 |
— |
29.8 |
— |
|||
|
Inventory revaluation adjustment on acquired businesses |
22.0 |
— |
22.0 |
1.0 |
|||
|
Mark-to-market adjustments on equity security investments |
(3.8) |
(1.9) |
6.6 |
(3.1) |
|||
|
Mark-to-market adjustments on commodity and foreign exchange |
0.9 |
(5.9) |
(5.0) |
(7.1) |
|||
|
Transaction costs |
4.3 |
— |
6.2 |
1.2 |
|||
|
Asset disposal costs |
4.3 |
1.1 |
6.3 |
1.1 |
|||
|
Loss on extinguishment of debt, net |
— |
6.7 |
5.8 |
2.1 |
|||
|
Gain on bargain purchase |
— |
(4.8) |
— |
(10.6) |
|||
|
Advisory income |
(0.1) |
(0.2) |
(0.5) |
(0.6) |
|||
|
Provision for legal settlements |
0.6 |
— |
0.7 |
0.8 |
|||
|
Loss on sale of business |
— |
— |
— |
0.8 |
|||
|
Equity method investment adjustment |
0.1 |
0.2 |
0.4 |
0.5 |
|||
|
Noncontrolling interest adjustment |
(0.1) |
(0.1) |
(0.4) |
(0.3) |
|||
|
|
$ 425.4 |
$ 348.7 |
$ 1,538.8 |
$ 1,403.6 |
|||
|
|
2.3 % |
4.1 % |
4.1 % |
4.6 % |
|||
|
|
18.9 % |
17.3 % |
18.9 % |
17.7 % |
|||
|
|
|||||||||
|
|
|
|
|
|
|||||
|
|
$ 102.8 |
$ 20.6 |
$ 128.2 |
$ 23.4 |
$ — |
||||
|
General corporate expenses and other |
— |
— |
— |
— |
(70.1) |
||||
|
Impairment of goodwill |
— |
— |
— |
(29.8) |
— |
||||
|
Other income, net |
— |
— |
— |
— |
(6.7) |
||||
|
|
102.8 |
20.6 |
128.2 |
(6.4) |
(76.8) |
||||
|
Other income, net |
— |
— |
— |
— |
6.7 |
||||
|
Depreciation and amortization |
70.4 |
12.0 |
34.5 |
20.0 |
9.3 |
||||
|
Stock-based compensation |
— |
— |
— |
— |
21.4 |
||||
|
Restructuring and facility closure costs, excluding |
— |
— |
— |
— |
10.3 |
||||
|
Integration costs |
12.2 |
— |
— |
2.2 |
— |
||||
|
Impairment of goodwill |
— |
— |
— |
29.8 |
— |
||||
|
Inventory revaluation adjustment on acquired businesses |
22.0 |
— |
— |
— |
— |
||||
|
Mark-to-market adjustments on equity security |
— |
— |
— |
— |
(3.8) |
||||
|
Mark-to-market adjustments on commodity and foreign |
— |
— |
(1.6) |
— |
2.5 |
||||
|
Transaction costs |
— |
— |
— |
— |
4.3 |
||||
|
Asset disposal costs |
— |
— |
— |
— |
4.3 |
||||
|
Advisory income |
— |
— |
— |
— |
(0.1) |
||||
|
Provision for legal settlements |
0.6 |
— |
— |
— |
— |
||||
|
Equity method investment adjustment |
— |
0.2 |
— |
— |
— |
||||
|
Noncontrolling interest adjustment |
— |
(0.2) |
— |
— |
— |
||||
|
|
$ 208.0 |
$ 32.6 |
$ 161.1 |
$ 45.6 |
$ (21.9) |
||||
|
|
8.9 % |
14.2 % |
17.9 % |
10.3 % |
— |
||||
|
|
17.9 % |
22.5 % |
22.4 % |
20.0 % |
— |
||||
|
|
|||||||||
|
|
|
|
|
|
|||||
|
|
$ 140.2 |
$ 19.7 |
$ 78.3 |
$ 12.8 |
$ — |
||||
|
General corporate expenses and other |
— |
— |
— |
— |
(55.8) |
||||
|
Other income, net |
— |
— |
— |
— |
(4.3) |
||||
|
|
140.2 |
19.7 |
78.3 |
12.8 |
(60.1) |
||||
|
Other income, net |
— |
— |
— |
— |
4.3 |
||||
|
Depreciation and amortization |
53.6 |
12.6 |
32.3 |
18.8 |
6.9 |
||||
|
Stock-based compensation |
— |
— |
— |
— |
23.5 |
||||
|
Restructuring and facility closure costs, excluding |
— |
— |
— |
— |
7.4 |
||||
|
Integration costs |
9.9 |
0.1 |
— |
— |
— |
||||
|
Mark-to-market adjustments on equity security |
— |
— |
— |
— |
(1.9) |
||||
|
Mark-to-market adjustments on commodity and foreign |
— |
(0.1) |
(3.1) |
— |
(2.7) |
||||
|
Asset disposal costs |
— |
— |
— |
— |
1.1 |
||||
|
Gain on bargain purchase |
— |
— |
— |
— |
(4.8) |
||||
|
Advisory income |
— |
— |
— |
— |
(0.2) |
||||
|
Equity method investment adjustment |
— |
0.2 |
— |
— |
— |
||||
|
Noncontrolling interest adjustment |
— |
(0.1) |
— |
— |
— |
||||
|
|
$ 203.7 |
$ 32.4 |
$ 107.5 |
$ 31.6 |
$ (26.5) |
||||
|
|
13.4 % |
14.1 % |
13.1 % |
5.7 % |
— |
||||
|
|
19.4 % |
23.1 % |
18.0 % |
14.0 % |
— |
||||
|
|
|||||||||
|
|
|
|
|
|
|||||
|
|
$ 493.9 |
$ 74.0 |
$ 399.7 |
$ 88.3 |
$ — |
||||
|
General corporate expenses and other |
— |
— |
— |
— |
(221.8) |
||||
|
Impairment of goodwill |
— |
— |
— |
(29.8) |
— |
||||
|
Other income, net |
— |
— |
— |
— |
(5.0) |
||||
|
|
493.9 |
74.0 |
399.7 |
58.5 |
(226.8) |
||||
|
Other income, net |
— |
— |
— |
— |
5.0 |
||||
|
Depreciation and amortization |
243.4 |
49.0 |
131.8 |
74.4 |
25.7 |
||||
|
Stock-based compensation |
— |
— |
— |
— |
81.6 |
||||
|
Restructuring and facility closure costs, excluding |
— |
— |
— |
— |
23.4 |
||||
|
Integration costs |
34.2 |
0.1 |
— |
4.4 |
— |
||||
|
Impairment of goodwill |
— |
— |
— |
29.8 |
— |
||||
|
Inventory revaluation adjustment on acquired businesses |
22.0 |
— |
— |
— |
— |
||||
|
Mark-to-market adjustments on equity security |
— |
— |
— |
— |
6.6 |
||||
|
Mark-to-market adjustments on commodity and foreign |
— |
0.2 |
1.4 |
— |
(6.6) |
||||
|
Transaction costs |
— |
— |
— |
— |
6.2 |
||||
|
Asset disposal costs |
— |
— |
— |
— |
6.3 |
||||
|
Advisory income |
— |
— |
— |
— |
(0.5) |
||||
|
Provision for legal settlements |
0.6 |
— |
— |
0.1 |
— |
||||
|
Equity method investment adjustment |
— |
0.9 |
— |
— |
— |
||||
|
Noncontrolling interest adjustment |
— |
(0.5) |
— |
— |
— |
||||
|
|
$ 794.1 |
$ 123.7 |
$ 532.9 |
$ 167.2 |
$ (79.1) |
||||
|
|
12.3 % |
13.6 % |
15.1 % |
9.3 % |
— |
||||
|
|
19.7 % |
22.8 % |
20.2 % |
17.5 % |
— |
||||
|
|
|||||||||
|
|
|
|
|
|
|||||
|
|
$ 541.2 |
$ 82.9 |
$ 308.1 |
$ 75.9 |
$ — |
||||
|
General corporate expenses and other |
— |
— |
— |
— |
(201.7) |
||||
|
Other income, net |
— |
— |
— |
— |
(12.9) |
||||
|
|
541.2 |
82.9 |
308.1 |
75.9 |
(214.6) |
||||
|
Other income, net |
— |
— |
— |
— |
12.9 |
||||
|
Depreciation and amortization |
207.3 |
42.2 |
131.1 |
72.3 |
24.0 |
||||
|
Stock-based compensation |
— |
— |
— |
— |
84.4 |
||||
|
Restructuring and facility closure costs, excluding |
— |
— |
— |
— |
16.0 |
||||
|
Integration costs |
36.5 |
0.1 |
— |
— |
(0.1) |
||||
|
Inventory revaluation adjustment on acquired businesses |
1.0 |
— |
— |
— |
— |
||||
|
Mark-to-market adjustments on equity security |
— |
— |
— |
— |
(3.1) |
||||
|
Mark-to-market adjustments on commodity and foreign |
— |
(0.1) |
(3.8) |
— |
(3.2) |
||||
|
Transaction costs |
— |
— |
— |
— |
1.2 |
||||
|
Asset disposal costs |
— |
— |
— |
— |
1.1 |
||||
|
Gain on bargain purchase |
— |
— |
— |
— |
(10.6) |
||||
|
Advisory income |
— |
— |
— |
— |
(0.6) |
||||
|
Provision for legal settlements |
— |
— |
— |
0.8 |
— |
||||
|
Loss on sale of business |
— |
— |
— |
— |
0.8 |
||||
|
Equity method investment adjustment |
— |
0.4 |
— |
— |
— |
||||
|
Noncontrolling interest adjustment |
— |
(0.5) |
— |
— |
— |
||||
|
|
$ 786.0 |
$ 125.0 |
$ 435.4 |
$ 149.0 |
$ (91.8) |
||||
|
|
13.2 % |
15.3 % |
13.4 % |
7.9 % |
— |
||||
|
|
19.1 % |
23.0 % |
18.9 % |
15.5 % |
— |
||||
|
|
|||
|
|
|||
|
|
|
||
|
|
$ 998.3 |
$ 931.7 |
|
|
Less: Capital expenditures |
510.2 |
429.5 |
|
|
|
$ 488.1 |
$ 502.2 |
|
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SOURCE Post Holdings, Inc.
