Post Holdings (POST) Tops Q1 EPS by 14c

Post Holdings (NYSE: POST) reported Q1 EPS of $1.11, $0.14 better than the analyst estimate of $0.97. Revenue for the quarter came in at $1.4 billion versus the consensus estimate of $1.38 billion.

Outlook

Post management has updated its fiscal year 2019 Adjusted EBITDA range to be between $1.20-$1.24 billion, which excludes any earnings from Post’s investment in 8th Avenue.

In fiscal year 2019, Post management continues to expect to incur the following costs, which are treated as adjustments to non-GAAP measures:

• $17-$19 million of restructuring and plant closure costs associated with the closure of certain cereal facilities, comprised of severance, retention and related expenses, adjustments on assets held for sale and accelerated depreciation; and
• $2-$3 million of integration costs, comprised of severance, retention and third party consulting expenses.

Post management continues to expect fiscal year 2019 capital expenditures to range between $300-$310 million, including the following:

• approximately $80 million related to the previously announced new precooked egg facility in Norwalk, Iowa;
• approximately $30 million related to the previously announced cage-free housing conversion at the Bloomfield, Nebraska facility; and
• approximately $25 million to upgrade certain manufacturing product lines in Corby, U.K. into a single facility and to complete the start-up and transfer of production to other facilities related to the Clinton, Massachusetts cereal facility closure.

For earnings history and earnings-related data on Post Holdings (POST) click here.

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