Post Holdings Provides Preliminary Unaudited Selected Financial Data for Fourth Quarter of Fiscal Year 2023; Points Fiscal Year 2024 Outlook; Schedules Fourth Quarter and Fiscal Year 2023 Conference Call

ST. LOUIS, Nov. 06, 2023 (GLOBE NEWSWIRE) — Post Holdings, Inc. (NYSE:POST) as we speak supplied sure preliminary unaudited chosen monetary information for the fourth quarter of fiscal 12 months 2023 and issued its outlook for fiscal 12 months 2024. This launch needs to be learn along with the monetary statements and administration’s dialogue and evaluation included in Post’s filings with the Securities and Exchange Commission (the “SEC”), the issues mentioned beneath “Risk Factors” in Post’s Annual Report on Form 10-Okay for the fiscal 12 months ended September 30, 2022 and any up to date dangers mentioned in Post’s different filings with the SEC.

Preliminary Unaudited Selected Financial Data for the Fourth Quarter of Fiscal Year 2023

The following are preliminary estimates for the fiscal quarter ended September 30, 2023:

• Net gross sales of roughly $1.9 billion

• Adjusted EBITDA (non-GAAP)* of roughly $349 million pushed by sturdy outcomes from each cereal and pet meals inside Post Consumer Brands and continued outperformance in Foodservice

* For further data concerning the non-GAAP measure Adjusted EBITDA, see the associated explanations introduced beneath “Use of Non-GAAP Measure” later on this launch.

“Our fourth quarter was the culmination of an exceptional fiscal year as we achieved a step change increase in our Adjusted EBITDA driven by tremendous Foodservice results, significant price realization and supply chain improvements within our retail businesses and a strong start to our recently acquired pet food business,” stated Jeff A. Zadoks, interim Chief Executive Officer of Post. “As demonstrated by our outlook range, we expect fiscal 2024 to be another strong year as the normalization of Foodservice profitability is offset by a full year of ownership of the pet food business plus profit growth across our retail businesses.”

The preliminary monetary information mentioned above encompass estimates derived from Post’s inside books and information and have been ready by, and are the duty of, Post’s administration, are based mostly upon data available to administration as of the date hereof, and haven’t been ready with a view towards compliance with printed tips of the SEC or the rules of the American Institute of Certified Public Accountants for the preparation or presentation of economic data. The preliminary estimates mentioned above are topic to the completion of economic closing procedures, remaining changes and different developments that will come up between now and the time the monetary outcomes for the fourth quarter are finalized. Therefore, precise outcomes might differ materially from these estimates and all of those preliminary estimates are topic to vary.

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Outlook

Post administration expects Adjusted EBITDA for fiscal 12 months 2024 to be between $1,200-1,260 million. This steerage excludes any contribution from the beforehand introduced acquisition of Perfection Pet Foods, LLC, which is anticipated to be accomplished late within the fourth calendar quarter of 2023, Post’s first quarter of fiscal 12 months 2024, topic to customary closing circumstances.

Post offers Adjusted EBITDA steerage solely on a non-GAAP foundation and doesn’t present a reconciliation of its forward-looking Adjusted EBITDA non-GAAP steerage measure to essentially the most straight comparable GAAP measure as a result of inherent problem in forecasting and quantifying sure quantities which can be vital for such reconciliation, together with changes that could possibly be made for revenue/expense on swaps, web, achieve/loss on extinguishment of debt, web, fairness technique funding adjustment, mark-to-market changes and impairments on fairness securities and investments, transaction and integration prices and different prices mirrored in Post’s reconciliations of historic numbers, the quantities of which, based mostly on historic expertise, could possibly be important. For further data concerning the non-GAAP measure Adjusted EBITDA, see the associated explanations introduced beneath “Use of Non-GAAP Measure.”

Use of Non-GAAP Measure

Post makes use of the non-GAAP measure Adjusted EBITDA on this launch to complement the monetary measures ready in accordance with United States (“U.S.”) typically accepted accounting rules (“GAAP”). The reconciliation of this non-GAAP measure to essentially the most straight comparable GAAP measure is supplied later on this launch beneath “Explanation and Reconciliation of Non-GAAP Measure.”

Management makes use of Adjusted EBITDA as a key metric within the analysis of underlying firm and phase efficiency, in making monetary, working and planning choices and, partially, within the dedication of bonuses for its govt officers and staff. Additionally, Post is required to adjust to sure covenants and limitations which can be based mostly on variations of EBITDA in its financing paperwork. Management believes using this non-GAAP measure offers elevated transparency and assists traders in understanding the underlying working efficiency of Post and its segments and within the evaluation of ongoing working developments. Adjusted EBITDA just isn’t ready in accordance with GAAP, because it excludes sure objects as described later on this launch. Adjusted EBITDA is probably not akin to equally titled measures of different firms. For further data concerning this non-GAAP measure, see the associated explanations supplied beneath “Explanation and Reconciliation of Non-GAAP Measure.”

Conference Call to Discuss Earnings Results and Outlook

Post plans to launch its monetary outcomes for the fourth quarter after market shut on Thursday, November 16, 2023, and can maintain a convention name on Friday, November 17, 2023 at 9:00 a.m. ET to debate monetary outcomes for the fourth quarter and monetary 12 months 2023 and monetary 12 months 2024 outlook and to reply to questions.

Interested events might be part of the convention name by registering prematurely on the following hyperlink: Upon registration, individuals will obtain a dial-in quantity and a novel passcode to access the convention name. Interested events are invited to take heed to the webcast of the convention name, which might be accessed by visiting the Investors part of Post’s web site at www.postholdings.com. A webcast replay additionally will likely be available for a restricted interval on Post’s web site within the Investors part.

Prospective Financial Information

Prospective monetary data is essentially speculative in nature, and it may be anticipated that some or the entire assumptions underlying the possible monetary data described above won’t materialize or will differ considerably from precise outcomes. For additional dialogue of a few of the elements that will trigger precise outcomes to differ materially from the data supplied above, see “Forward-Looking Statements” beneath. Accordingly, the possible monetary data supplied above is barely an estimate of what Post’s administration believes is realizable as of the date of this launch. It additionally needs to be acknowledged that the reliability of any forecasted monetary information diminishes the farther sooner or later that the info is forecasted. In mild of the foregoing, the data needs to be seen in context and undue reliance shouldn’t be placed upon it.

Forward Looking Statements

Certain issues mentioned on this launch are forward-looking statements, together with Post’s Adjusted EBITDA outlook for fiscal 12 months 2024. These forward-looking statements are generally recognized from using forward-looking phrases similar to “believe,” “should,” “could,” “potential,” “continue,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “aim,” “intend,” “plan,” “forecast,” “target,” “is likely,” “will,” “can,” “may” or “would” or the unfavorable of those phrases or related expressions, and embrace all statements concerning future efficiency, earnings projections, occasions or developments. There are a variety of dangers and uncertainties that would trigger precise outcomes to vary materially from the forward-looking statements made herein. These dangers and uncertainties embrace, however aren’t restricted to, the next:

• volatility within the cost or availability of inputs to Post’s businesses (together with uncooked supplies, vitality and different provides and freight);

• shopper and buyer response to Post’s pricing actions;

• disruptions or inefficiencies in Post’s provide chain, inflation, labor shortages, public well being crises, climatic occasions, avian influenza and different agricultural ailments and pests, fires and different occasions past Post’s management;

• modifications in financial circumstances, monetary instability, disruptions in capital and credit score markets, modifications in rates of interest and fluctuations in international forex change charges;

• Post’s excessive leverage, Post’s means to acquire further financing and repair its excellent debt (together with covenants
  proscribing the operation of Post’s businesses) and a possible downgrade in Post’s credit score rankings;

• business disruption or different losses from political instability, terrorism, warfare or armed hostilities or geopolitical tensions;

• Post’s means to rent and retain proficient personnel, will increase in labor-related prices, worker security, labor strikes, work stoppages and unionization efforts;

• the power of Post and its non-public manufacturers clients to compete of their product classes, together with the success of pricing, promoting and promotional applications and the power to anticipate and reply to modifications in shopper and buyer preferences and behaviors;

• the success of recent product introductions;

• allegations that Post’s merchandise trigger damage or sickness, product recollects and withdrawals, product legal responsibility claims and different associated litigation;

• compliance with present and altering legal guidelines and rules;

• the affect of litigation;

• Post’s means to establish, full and combine or in any other case successfully execute acquisitions or different strategic transactions;

• Post’s means to efficiently combine the branded and personal label pet meals property and operations acquired from The J.M. Smucker Company (“Smucker,” and the property and operations acquired, “Pet Food”), ship on the anticipated monetary contribution, cost financial savings and synergies from the Pet Food acquisition and keep relationships with Pet Food staff, clients and suppliers, whereas sustaining give attention to Post’s pre-acquisition businesses;

• Post’s and Smucker’s means to adjust to sure ancillary agreements related to the Pet Food acquisition;

• variations in Post’s precise working outcomes from any of Post’s steerage concerning its future efficiency;

• dangers associated to the supposed tax therapy of Post’s divestitures of its curiosity in BellRing Brands, Inc. (“BellRing”);

• Post’s means to efficiently implement business methods to scale back prices;

• the lack of, a major discount of purchases by or the chapter of a significant buyer;

• prices, business disruptions and reputational harm related to data know-how failures, cybersecurity incidents or data safety breaches;

• Post’s reliance on third events for the manufacture of lots of its merchandise;

• prices related to the obligations of Bob Evans Farms, Inc. (“Bob Evans”) in reference to the sale of its eating places business, together with sure indemnification obligations and Bob Evans’s fee and efficiency obligations as a guarantor for sure leases;

• Post’s means to guard its mental property and different property and to license third social gathering mental property;

• dangers related to Post’s worldwide businesses;

• impairment within the carrying worth of goodwill or different intangibles;

• modifications in vital accounting estimates;

• losses or elevated funding and bills associated to Post’s certified pension or different postretirement plans;

• conflicting pursuits or the looks of conflicting pursuits ensuing from any of Post’s administrators and officers additionally serving as administrators or officers of different firms; and

• different dangers and uncertainties described in Post’s filings with the SEC.

About Post Holdings, Inc.

Post Holdings, Inc., headquartered in St. Louis, Missouri, is a shopper packaged items holding firm with businesses working within the center-of-the-store, refrigerated, foodservice and meals ingredient classes. Its businesses embrace Post Consumer Brands, Weetabix, Michael Foods and Bob Evans Farms. Post Consumer Brands is a pacesetter within the North American ready-to-eat cereal and pet meals classes and in addition markets Peter Pan^® peanut butter. Weetabix is home to the United Kingdom’s primary promoting ready-to-eat cereal model, Weetabix^®. Michael Foods and Bob Evans Farms are leaders in refrigerated meals, delivering progressive, value-added egg and refrigerated potato facet dish merchandise to the foodservice and retail channels. Post participates within the non-public model meals class by way of its possession curiosity in eighth Avenue Food & Provisions, Inc. For extra data, go to www.postholdings.com.

Contact:
Investor Relations
Daniel O’Rourke
[email protected]
(314) 806-3959

Media Relations
Lisa Hanly
[email protected]
(314) 665-3180

EXPLANATION AND RECONCILIATION OF NON-GAAP MEASURE

Post makes use of Adjusted EBITDA, a non-GAAP measure, on this launch to complement the monetary measures ready in accordance with U.S. typically accepted accounting rules (GAAP). The reconciliation of this non-GAAP measure to essentially the most straight comparable GAAP measure is supplied within the desk following this part. Adjusted EBITDA just isn’t ready in accordance with U.S. GAAP, because it excludes sure objects as listed beneath, and is probably not akin to similarly-titled measures of different firms.

Post believes that Adjusted EBITDA is beneficial to traders in evaluating Post’s working efficiency and liquidity as a result of (i) Post believes it’s broadly used to measure an organization’s working efficiency with out regard to objects similar to depreciation and amortization, which might differ relying upon accounting strategies and the e book worth of property, (ii) it presents a measure of company efficiency unique of Post’s capital construction and the tactic by which the property had been acquired and (iii) it’s a monetary indicator of an organization’s means to service its debt, as Post is required to adjust to sure covenants and limitations which can be based mostly on variations of EBITDA in its financing paperwork. Management makes use of Adjusted EBITDA to offer forward-looking steerage and to forecast future outcomes.

Post’s preliminary Adjusted EBITDA for the quarter ended September 30, 2023 displays changes for revenue taxes, web curiosity expense, depreciation and amortization, in addition to the next changes:

1. Income/expense on swaps, web: Post has excluded the affect of mark-to-market changes and money settlements on rate of interest swaps as a result of inherent uncertainty and volatility related to such quantities based mostly on modifications in assumptions with respect to estimates of truthful worth and financial circumstances and because the quantity and frequency of such changes aren’t constant.

2. Gain/loss on extinguishment of debt, web: Post has excluded features and losses recorded on extinguishment of debt, inclusive of funds for premiums, the write-off of debt issuance prices and tender charges and the write-off of web unamortized debt premiums, web of features realized on debt repurchased at a reduction, as such features and losses are inconsistent in quantity and frequency. Additionally, Post believes that these features and losses don’t mirror anticipated ongoing future working revenue and bills and don’t contribute to a significant analysis of Post’s present working efficiency or comparisons of Post’s working efficiency to different durations.

3. Impairment of goodwill and different intangible property: Post has excluded bills for impairment of the Cheese and Dairy reporting unit as such non-cash quantities are inconsistent in quantity and frequency and Post believes that these prices don’t mirror anticipated ongoing future working bills and don’t contribute to a significant analysis of Post’s present working efficiency or comparisons of Post’s working efficiency to different durations.

4. Non-cash stock-based compensation: Post’s compensation technique contains using stock-based compensation to draw and retain executives and staff by aligning their long-term compensation pursuits with shareholders’ funding pursuits. Post has excluded non-cash stock-based compensation as non-cash stock-based compensation can differ considerably based mostly on causes such because the timing, measurement and nature of the awards granted and subjective assumptions that are unrelated to operational choices and efficiency in any specific interval and doesn’t contribute to significant comparisons of Post’s working performances to different durations.

5. Equity technique funding adjustment: Post has included changes for the eighth Avenue Foods & Provisions, Inc. (“8th Avenue”) fairness funding loss and Post’s portion of revenue tax expense/profit, curiosity expense, web and depreciation and amortization for Weetabix’s unconsolidated funding accounted for utilizing fairness technique accounting, as Post believes these changes contribute to a extra significant analysis of Post’s present working efficiency.

6. Mark-to-market changes and impairments on fairness securities and investments: Post has excluded the affect of mark-to-market changes and impairments on fairness securities and investments as a result of inherent volatility related to such quantities based mostly on modifications in market pricing variations and because the quantity and frequency of such changes aren’t constant. Additionally, these changes are primarily non-cash objects and don’t contribute to a significant analysis of Post’s present working efficiency or comparisons of Post’s working efficiency to different durations.

7. Transaction prices and integration prices: Post has excluded transaction prices associated to skilled service charges and different associated prices related to signed and closed business mixtures and divestitures, prices incurred in reference to Post’s distribution of its curiosity in BellRing and integration prices incurred to combine acquired or to-be-acquired businesses as Post believes that these exclusions permit for extra significant analysis of Post’s present working efficiency and comparisons of Post’s working efficiency to different durations. Post believes such prices are typically not related to assessing or estimating the long-term efficiency of acquired property as a part of Post or the efficiency of the divested property, and such prices aren’t factored into administration’s analysis of potential acquisitions or Post’s efficiency after completion of an acquisition or the analysis to divest an asset. In addition, the frequency and quantity of such prices varies considerably based mostly on the dimensions and timing of the transaction and the maturity of the businesses being acquired or divested. Also, the dimensions, complexity and/or quantity of previous transactions, which regularly drive the magnitude of such bills, is probably not indicative of the dimensions, complexity and/or quantity of future transactions. By excluding these bills, administration is healthier in a position to consider Post’s means to make the most of its present property and estimate the long-term worth that acquired property will generate for Post.

8. Restructuring and facility closure prices, excluding accelerated depreciation: Post has excluded sure prices related to facility closures as the quantity and frequency of such changes aren’t constant. Additionally, Post believes that these prices don’t mirror anticipated ongoing future working bills and don’t contribute to a significant analysis of Post’s present working efficiency or comparisons of Post’s working efficiency to different durations.

9. Inventory revaluation adjustment on acquired businesses: Post has excluded the affect of truthful worth step-up changes to stock in reference to business mixtures as such changes symbolize non-cash objects, aren’t constant in quantity and frequency and are considerably impacted by the timing and measurement of Post’s acquisitions.

10. Advisory revenue: Post has excluded advisory revenue acquired from eighth Avenue as Post believes such revenue doesn’t contribute to a significant analysis of Post’s present working efficiency or comparisons of Post’s working efficiency to different durations.

11. Noncontrolling curiosity adjustment: Post has included changes for curiosity expense, revenue tax expense, and depreciation and amortization for consolidated investments that are attributable to the noncontrolling homeowners of the consolidated investments, as Post believes these changes contribute to a extra significant analysis of Post’s present working efficiency.

RECONCILIATION OF PRELIMINARY NET EARNINGS FROM CONTINUING OPERATIONS TO PRELIMINARY ADJUSTED EBITDA (Unaudited)
(in hundreds of thousands)