Post adjusted EBITDA down 14% in year

by Eric Schroeder
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ST. LOUIS — Net income at Post Holdings, Inc. in the year ended Sept. 30 totaled $49.9 million, equal to $1.45 per share on the common stock, which compared with a loss of $424.3 million in fiscal 2011.

Adjusted EBITDA, meanwhile, totaled $214.6 million in fiscal 2012, down 14% from $248.9 million in fiscal 2011. Post said the adjusted EBITDA reflects its status as a stand-alone public company and not as an operating segment of Ralcorp.

Sales for fiscal 2012 were $958.9 million, down 1% from $968.2 million during fiscal 2011. The sales decline was attributed in part to a 3.2% drop in overall volumes, partially offset by higher gross and net selling prices.

During fiscal 2012, Post said volumes of Honey Bunches of Oats and Pebbles ready-to-eat cereals were down 2.3% and 6.4%, respectively, versus the same period a year ago, while volumes of Great Grains increased 10.1%.

For the fourth quarter ended Sept. 30, net income was $10.8 million, or 32c per share, which compared with a loss of $479.6 million during the same period of the previous year. Adjusted EBITDA totaled $53.5 million, down 6% from $56.7 million. Sales for the period were $247.2 million, up from $237.8 million.

An increase of 4.9% in volumes drove the 4% increase in fourth-quarter sales. Volumes of Honey Bunches of Oats and Pebbles increased 9.9% and 9.5%, respectively, during the fourth quarter, while Great Grains and Grape Nuts volumes advanced 13.5% and 2.8%, respectively.

Looking ahead to fiscal 2013, Post expects adjusted EBITDA of between $210 million and $225 million. Capital expenditures are expected to be in the range of $30 million to $35 million.

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