Post(POST) - 2025 Q1 - Quarterly Results

Financial Performance - Net sales for Q1 FY2025 were $1,974.7 million, a 0.4% increase from$ 1,965.9 million in the prior year[4] - Gross profit was $595.3 million, representing 30.1% of net sales, up from 29.1% in the prior year, an increase of 4.0%[4] - Net earnings increased by 28.6% to$ 113.3 million compared to $88.1 million in the prior year[6] - Adjusted EBITDA for Q1 FY2025 was$ 369.9 million, a 2.9% increase from $359.5 million in the prior year[8] - Operating profit rose to$ 214.1 million, up from $209.3 million year-over-year, indicating a growth of approximately 2.0%[32] - Net earnings for the quarter were$ 113.3 million, compared to $88.1 million in the prior year, marking a significant increase of about 28.5%[32] - Basic earnings per share increased to$ 1.94 from $1.46, representing a growth of approximately 32.9%[32] - Adjusted diluted earnings per common share for Q4 2024 were$ 1.73, compared to $1.69 in Q4 2023[53] Segment Performance - Post Consumer Brands segment net sales decreased by 2.5% to$ 963.9 million, with pet food volumes down 13.0%[9] - Weetabix segment net sales decreased by 1.2% to $127.6 million, with volumes down 11.6% excluding the impact of acquisitions[10] - Foodservice segment net sales increased by 8.7% to$ 616.6 million, with segment profit rising by 13.7% to $86.1 million[11] - The Foodservice segment reported net sales of$ 616.6 million, up from $567.1 million in the prior year, indicating a growth of about 8.7%[38] - Segment Profit for Q4 2024 was$ 257.2 million, with Post Consumer Brands contributing $131.0 million, Weetabix$ 15.9 million, Foodservice $86.1 million, and Retail$ 24.2 million[56] Expenses and Costs - SG&A expenses were $331.6 million, or 16.8% of net sales, an increase of 2.7% from the prior year[5] - The company reported a net income tax expense of$ 32.1 million for Q4 2024, compared to $28.5 million in Q4 2023[55] - Integration costs for Q4 2024 amounted to$ 15.6 million, up from $6.5 million in Q4 2023[55] - Restructuring and facility closure costs, including accelerated depreciation, were$ 3.6 million in Q4 2024, down from $9.8 million in Q4 2023[51] - The company incurred$ 84.1 million in net interest expense for Q4 2024, compared to $78.1 million in Q4 2023[55] - General corporate expenses increased to$ 52.2 million in Q4 2023 from $37.3 million in Q4 2024, indicating a rise in overhead costs[56][57] - Depreciation and amortization expenses for Q4 2024 totaled$ 120.3 million, compared to $112.4 million in Q4 2023, indicating a rise in asset-related costs[56][57] - Stock-based compensation increased to$ 19.8 million in Q4 2024 from $19.1 million in Q4 2023, reflecting ongoing employee incentive programs[56][57] Cash Flow and Investments - Cash provided by operating activities was$ 310.4 million, compared to $174.4 million in the same quarter of 2023, showing an increase of about 77.8%[36] - Free cash flow is a non-GAAP measure that represents net cash provided by operating activities less capital expenditures, indicating the company's ability to service debt and repurchase shares[49] - Free Cash Flow for Q4 2024 was$ 171.4 million, significantly higher than $93.6 million in Q4 2023, driven by an increase in net cash provided by operating activities[58] - Capital expenditures for Q4 2024 were$ 139.0 million, up from $80.8 million in Q4 2023, reflecting increased investment in growth initiatives[58] Outlook and Guidance - The company raised its FY2025 Adjusted EBITDA outlook to$ 1,420- $1,460 million from a previous range of$ 1,410- $1,460 million[19] - Adjusted EBITDA for Q4 2024 reached$ 369.9 million, representing 18.7% of Net Sales, compared to $359.5 million and 18.3% in Q4 2023[57] - Segment Profit as a percentage of Net Sales was 13.0% in Q4 2024, compared to 13.5% in Q4 2023, indicating a slight decline in profitability margins[56][57] Asset and Debt Management - Total assets decreased slightly to$ 12,819.6 million from $12,854.2 million as of September 30, 2024[34] - Long-term debt increased to$ 6,944.4 million from $6,811.6 million, reflecting a rise of approximately 1.9%[34]