Milling & Baking News - May 19, 2020 - 15

Financial Results

Post Holdings eyeing opportunity
for household penetration gains
ST. LOUIS - Consistent with industry
trends, the coronavirus (COVID-19) pandemic led to a surge in retail demand and
a dramatic decrease in foodservice demand for Post Holdings, Inc. during the
three months ended March 31.
Net loss attributable to common
shareholders of Post Holdings in the
second quarter was $191.4 million,
which compared with net income of $43
million in the year-ago period. The net
loss included loss on extinguishment
of debt, expense on swaps and equity
method losses. Adjusted net earnings
were $45.5 million, which compared
with adjusted net earnings of $98.4 million the year before.
Net sales totaled $1.49 billion, up 7.7%
from $1.39 billion.
"We believe we are well positioned
to benefit from this experience," Robert V. Vitale, president and chief executive officer of Post Holdings, said during a May 8 earnings call. "As a general
statement, compared to our competitors, our business includes a greater
number of brands with lower household penetration. I would include in
this category MOM brand bag cereal,
Bob Evans brand side dishes and Premier Protein brand shakes. This experience accelerated household penetration, and we expect the benefit to be
long-lasting."
Mr. Vitale described a "reengagement" within the ready-to-eat cereal
category in the United States and the
United Kingdom driven by "consumers
who had not experienced the category
in a number of years experiencing it and
enjoying it and coming back to it."
Post Consumer Brands segment profit
increased 11% to $92.4 million on net
sales of $507.9 million, up 11% from the
year-ago period. An increase in volumes
benefited from consumer pantry loading and increased at-home consumption
as a result of the pandemic, as well as
new product introductions, private label
distribution gains and promotional and
merchandising support.
Weetabix segment profit rose 19% to
$28 million as net sales increased 8.9%
to $113.4 million, reflecting improved
average net pricing and higher volumes
due to pantry loading, which partially
was offset by an unfavorable foreign exchange rate headwind.
In the Foodservice segment, which
includes egg and potato products,
segment profit declined 50% to $23.8
million as net sales eased 2.7% to $378.4
bakingbusiness.com / world-grain.com

million. Volume declines were driven by
lower demand as restaurants and other
foodservice outlets closed or significantly reduced operations. Prior to the pandemic, the segment saw strong volumes
in January and February for eggs and
potatoes.
"Within foodservice, we have channels

POST HOLDINGS

directly affected by COVID response
and those less affected," Mr. Vitale said.
"Directly affected channels include
full-service restaurants, quick-service
restaurants, education and travel and

lodging. These channels represent approximately 50% of segment sales. Less
affected channels would include food
ingredient, health care, government
and other smaller channels."
Post Holdings withdrew its full-year
guidance as a result of the volatility and
uncertainty within the foodservice market.
"We expect full recovery to take
through fiscal '21 as channels like travel
and lodging will take longer to heal,"
Mr. Vitale said.
Refrigerated Retail segment profit
climbed 14% to $30.2 million while net
sales increased 8.2% to $237.6 million.
Side dish net sales increased 23% behind
improved pricing and a volume increase
driven by pantry loading and increased
at-home consumption.
For the six-month period, Post Holdings had a loss of $92.2 million, which
compared with net income of $166.6 million in the first two quarters of the previous year. Net sales increased to $2.95
billion from $2.8 billion.
Shares of Post Holdings trading on the
New York Stock Exchange gained $3.33
on May 8, closing at $89.64, up 3.9%
from the previous close of $86.31. MBN

S O U R C E * B L E N D * I N N O VA T E

& Baking News
May 19, 2020 / 15
B.C. Williams Bakery Service | BCW FoodMilling
Products
| 800.527.4104


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Milling & Baking News - May 19, 2020

Table of Contents for the Digital Edition of Milling & Baking News - May 19, 2020

Milling & Baking News - May 19, 2020 - 1
Milling & Baking News - May 19, 2020 - 1
Milling & Baking News - May 19, 2020 - 2
Milling & Baking News - May 19, 2020 - 3
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Milling & Baking News - May 19, 2020 - 15
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Milling & Baking News - May 19, 2020 - 48
https://www.nxtbook.com/sosland/mbn/2020_05_19
https://www.nxtbook.com/sosland/mbn/2020_05_05
https://www.nxtbook.com/sosland/mbn/2020_04_21
https://www.nxtbook.com/sosland/mbn/2020_04_07
https://www.nxtbook.com/sosland/mbn/2020_03_24
https://www.nxtbook.com/sosland/mbn/2020_03_10
https://www.nxtbook.com/sosland/mbn/2020_02_25
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https://www.nxtbook.com/sosland/mbn/2020_01_14
https://www.nxtbook.com/sosland/mbn/2019_12_31
https://www.nxtbook.com/sosland/mbn/2019_12_17
https://www.nxtbook.com/sosland/mbn/2019_12_03
https://www.nxtbook.com/sosland/mbn/2019_11_19
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https://www.nxtbook.com/sosland/mbn/2019_06_18
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http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_03_12
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