Consumer packaged goods firm Post Holdings reported year-on-year net sales growth of 4.7% to $1.9 billion (€1.7 billion) in the third quarter of its financial year.
Excluding the benefit from acquisitions, net sales declined in its Post Consumer Brands, Weetabix, and Refrigerated Retail divisions.
Adjusted EBITDA grew 3.5% year on year, to $350.2 million (€320.8 million), from $338.2 million (€309.8 million) in the same period last year.
Gross profit for the period amounted to $577.3 million, accounting for 29.6% of net sales and increasing 15.1% year on year from $501.6 million the the same period last year.
Divisional Performance
Post Consumer Brands generated net sales of $1 billion, registering a year-on-year increase of 15.7%.
The division saw volumes decreasing by 6.0%, excluding the benefit from acquisitions, driven by declines in branded and non-retail cereals.
Weetabix reported a 1.4% year-on-year increase in net sales, to $136.1 million, while volumes decreased by 5.6%.
However, the division's adjusted EBITDA amounted to $34.2 million, reflecting an increase of 23.9% year on year.
The company's Refrigerated Retail segment saw a 7.1% decline in net sales, to $214.4 million, in the latest quarter.
Volumes decreased by 0.5%, as growth in side dishes was offset by distribution losses in lower-margin egg products, the company noted.
Outlook
Post Holdings has raised its adjusted EBITDA guidance range to $1,370-$1,390 million from $1.3-$1.4 billion.
The company's capital expenditure is projected to range between $420-$445 million.
It will invest, among others, in the expansion of the Norwalk, Iowa, precooked egg facility, and commence the second phase of expansion in the Bloomfield, Nebraska, cage-free egg facility.
The company has appointed Colm O’Dwyer as the new managing director of its cereal brand Weetabix, effective 1 October 2024.
