Net earnings of $24 million, or 34¢ per share, in the quarter ended June 30 compared to a loss of $35.1 million in the previous year’s third quarter. Adjusted EBITDA rose to $187.5 million, which compared to $87.8 million in the previous year’s third quarter. Third-quarter net sales rose 91% to $1.211billion from $633 million. Driving the sales increase were businesses acquired after June 30, 2014, and the lapping of partial period results in the third quarter of the previous fiscal year from Michael Foods. On a comparable basis, net sales increased 3%.
Post Holdings changed its fiscal-year adjusted EBITDA guidance range to between $635 million and $650 million. Previously the range was between $585 million and $610 million.
Post now has four reportable segments: Post Consumer Brands, Michael Foods Group, Active Nutrition and Private Brands.
Post Consumer Brands in the third quarter had profit of $51.6 million, up from $44.8 million, and net sales of $356.9 million, up from $238.2 million. Adjusted EBITDA was $90.1 million, up from $57.8 million. On a comparable basis, net sales were up 1.4%. MOM Brands Co., acquired by Post in May, now belongs to the Post Consumer Brands segment.
Michael Foods Group in the third quarter had profit of $48.4 million, which compared to a loss of $9.6 million in the previous year’s third quarter, and net sales of $564.7 million, up from $212.7 million. Adjusted EBITDA was $81.2 million, up from $22.6 million. On a comparable basis, net sales were up 0.9%.
Within Michael Foods Group, egg products sales were up 1.8% on a comparable basis with volume down 5.5%.
“As a result of aggressive cost management, pricing actions and supply chain collaboration, the impact of the recent avian influenza outbreak on third-quarter financial results for the Michael Foods egg business was mitigated,” the company said.
Recently acquired businesses in the Michael Foods Group include Michael Foods and Dakota Growers Pasta Co.
In Active Nutrition in the third quarter, profit was $7.9 million, compared to a loss of $2.5 million in the previous year’s third quarter, and net sales were $153.8 million, up from $86.7 million. Adjusted EBITDA was $15.5 million, up from $5 million. On a comparable basis, net sales were up 17%. Recently acquired businesses in Active Nutrition include Dymatize Enterprises along with PowerBar and Musashi and related assets.
In Private Brands in the third quarter, profit was $10.5 million, up from $5 million, and net sales were $136.7 million, up from $95.6 million. Adjusted EBITDA was $17.5 million, up from $10.2 million. On a comparable basis, net sales were up 4%. Recently acquired businesses in the Private Brands segment include Golden Boy Foods and American Blanching Co.
For the nine months ended June 30, Post Holdings recorded a net loss of $42.8 million, which compared to a net loss of $55.8 million in the same time period of the previous year. Adjusted EBITDA for the nine-month period was $464.3 million, which compared to $207.2 million. Nine-month sales rose to $3.338billion from $1.368 billion.
