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Sep 30, 2021
BellRing Q4 2021 Earnings Report
Reported results for the fourth quarter and fiscal year ended September 30, 2021.
Key Takeaways
BellRing Brands reported a net sales increase of 20.3% for the fourth quarter, reaching $340.0 million. Operating profit increased by 8.4% to $53.1 million, and net earnings available to Class A common stockholders decreased slightly by 3.0% to $9.7 million. Adjusted EBITDA increased by 6.7% to $60.5 million.
Fourth quarter net sales reached $340.0 million.
Operating profit for the quarter was $53.1 million.
Net earnings available to Class A common stockholders were $9.7 million.
Adjusted EBITDA totaled $60.5 million.
Forward Guidance
For fiscal year 2022, BellRing management expects net sales and Adjusted EBITDA each to grow 9%-13% over fiscal year 2021 (resulting in a net sales range of $1.36-$1.41 billion and an Adjusted EBITDA range of $255-$265 million).
Positive Outlook
- Net sales growth to be high single digits in the first half of 2022 and mid teens in the second half of 2022, with sequential improvement in each quarter throughout the year as incremental capacity comes online.
- Inventories are low and expected to recover throughout fiscal year 2022.
- Adjusted EBITDA growth is weighted toward the second half of 2022.
- Benefits from pricing actions.
- Lower brand investments.
Challenges Ahead
- Accelerated growth experienced in fiscal year 2021 exceeded BellRing’s current shake manufacturing capacity.
- Adjusted EBITDA margins flat as the benefits from pricing actions and lower brand investments are offset by significant inflation.
- Significant inflation.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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