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Sep 30, 2021
Post Q4 2021 Earnings Report
Reported results for the fourth quarter and fiscal year ended September 30, 2021.
Key Takeaways
Post Holdings reported a decrease in net earnings for the fourth quarter, with net sales increasing by 20.1% to $1.7 billion. Operating profit decreased by 23.0% to $137.8 million, and net earnings decreased by 47.5% to $29.9 million. Adjusted EBITDA decreased slightly by 0.8% to $272.5 million.
Fourth quarter net sales reached $1.7 billion, with operating profit at $137.8 million and net earnings at $29.9 million.
Fiscal year net sales amounted to $6.2 billion, with operating profit at $655.7 million and net earnings at $166.7 million.
Fiscal year 2021 saw $588.3 million generated in cash from operations.
Adjusted EBITDA for fiscal year 2022 is expected to range between $1.16-$1.20 billion, including the full year results of BellRing Brands.
Revenue by Segment
Forward Guidance
Post management expects Adjusted EBITDA for fiscal year 2022 to be between $1.16-$1.20 billion, including BellRing for the full year. Fiscal year 2022 is expected to be more weighted to the second half as Post prices incremental inflation and navigates lingering supply chain disruptions.
Positive Outlook
- Incremental capacity coming online.
- Sequential improvement in each quarter throughout the year as incremental capacity comes online.
- Inventories are expected to recover throughout fiscal year 2022.
- Adjusted EBITDA growth is weighted toward the second half of 2022.
- Benefits from pricing actions and lower brand investments are expected.
Challenges Ahead
- The accelerated growth experienced in fiscal year 2021 exceeded BellRing’s current shake manufacturing capacity.
- Inventories are low.
- Significant inflation is expected.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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