Post Holdings, Inc. · NYSE:POST
Post — Q3 2014 Earnings Presentation
13 slides from Post's earnings presentation, Aug 8, 2014
Slide 1: Post Holdings, Inc. Investor Presentation August 2014
Post Holdings, Inc. Investor Presentation August 2014
Slide 2: Forward-looking statements
Post Holdings, Inc. 2 Certain matters discussed in this presentation and on the conference call held August 8, 2014 are forward-looking statements, including management’s revised outlook for fiscal 2014 and the assumptions thereunder; the expectation that certain supply chain and packaging projects
Slide 3: Non-GAAP Financial Measures
Post Holdings, Inc. 3 Non-GAAP Financial Measures While the Company reports financial results in accordance with accounting principles generally accepted in the U.S., this presentation includes the non-GAAP measure Adjusted EBITDA for Post and Michael Foods which is not in accordance with or a subst
Slide 4: Contents
Post Holdings, Inc. Contents 3Q’14 Adjusted EBITDA Impact Post Foods Commentary Dymatize Commentary Revised Fiscal 2014 Adjusted EBITDA Outlook 4
Slide 5: 3Q'14 Adjusted EBITDA Impact
Post Holdings, Inc. 3Q’14 Adjusted EBITDA Impact ($ in mm) 3Q’14 Impact Post Foods $ (11.8) Dymatize (5.0) Total $ (16.8) ($ in mm) Adjusted EBITDA Actual 1H’14(1) $ 119.4 2H’14 Prior Outlook(2) $ 180-200 Post 3Q’14 Forecast(3) 90 Post 4Q’14 Forecast(3) 100 3Q’14 Actual(4) $ 73.2 3Q’14 Impact $ (16.
Slide 6: Post Foods Commentary
Post Holdings, Inc. Item 3Q’14 Expectation Compared to 1H’14 3Q’14 Result Compared to 1H’14 Variance to Forecast ($mm) Pricing • Average net pricing lift of ~3.8% • Improvement in trade efficiencies • Inventory liquidation levels moderate • Average net pricing lift of ~0.8% • Trade efficiencies rema
Slide 7: Dymatize Commentary
Post Holdings, Inc. Dymatize Commentary Dymatize domestic brand is strong Problems in manufacturing and supply chain (as previously discussed) are bottlenecking shipments internationally Supply chain disruption issues have cost an incremental ~$5.0mm in 3Q’14 ̶ Costs are running higher by ~$2.
Slide 8: Dymatize Operational Problems and Fixes
Post Holdings, Inc. Dymatize Operational Problems and Fixes Investing to build a strong organization capable of supporting future growth Capital Basic growth investments not completed Investing ~$15mm in capital expenditures from FY’14 through FY’16 to address manufacturing facility improvements Peo
Slide 9: Fiscal 2014 Adjusted EBITDA Outlook Update
Post Holdings, Inc. Post management expects fiscal 2014 Adjusted EBITDA to be between $260-$270 million(1) The fiscal 2014 Adjusted EBITDA outlook reflects the following: − Include the partial year expected results of Dakota Growers Pasta Company (acquired January 1, 2014), as well as Golden Boy
Slide 10: Appendix
Appendix 10
Slide 11: Adjusted EBITDA Reconciliation
Post Holdings, Inc. Quarter Ended June 30, 2014 Six Months Ended March 31, 2014 Net (Loss) Earnings $ (35.1) $ (20.7) Income tax (benefit) provision (20.7) (20.7) Interest expense, net 57.0 66.3 Depreciation and amortization, including accelerated depreciation 42.7 51.2 Restructuring and plant closu
Slide 12: Segment Profit Reconciliation, Quarter Ended June 30, 2014
Post Holdings, Inc. 12 Quarter Ended June 30, 2014 Post Foods Michael Foods Active Nutrition Private Brands Attune Foods Corporate/ Other Total Segment Profit (Loss) $ 48.2 $ (12.5) $ (2.5) $ 5.9 $ 2.0 $ – $ 41.1 General corporate expenses and other – – – – – (30.8) (30.8) Accelerated depreciation o
Slide 13: 13 Post Holdings, Inc.
13 Post Holdings, Inc.