On August 5, 2024, BellRing Brands Inc (BRBR, Financial) released its 8-K filing for the third fiscal quarter ended June 30, 2024. BellRing Brands Inc is a United States-based company engaged in providing nutrition-related products. Its brands, Premier Protein, Dymatize, and PowerBar, offer various products including ready-to-drink protein shakes, powders, and nutrition bars. The company's products are distributed through a diverse network of channels including club, food, drug and mass, eCommerce, convenience, and specialty.
Performance Overview
BellRing Brands Inc (BRBR, Financial) reported net sales of $515.4 million for the third quarter, surpassing the analyst estimate of $506.79 million. This represents a 15.6% increase compared to the same period last year. The company also reported an operating profit of $111.6 million and net earnings of $73.7 million, translating to an earnings per share (EPS) of $0.56, which exceeded the analyst estimate of $0.45.
Key Financial Achievements
BellRing Brands Inc (BRBR, Financial) achieved significant financial milestones in Q3 2024:
- Gross profit increased by 39.6% to $189.9 million, driven by net input cost deflation.
- Adjusted EBITDA rose by 37.5% to $119.5 million.
- Net earnings per diluted common share increased by 69.7% to $0.56.
These achievements are crucial for BellRing Brands Inc (BRBR, Financial) as they reflect the company's ability to manage costs effectively while driving revenue growth in the competitive Consumer Packaged Goods industry.
Income Statement Highlights
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Sales | $515.4 million | $445.9 million |
| Gross Profit | $189.9 million | $136.0 million |
| Operating Profit | $111.6 million | $76.0 million |
| Net Earnings | $73.7 million | $44.3 million |
| EPS (Diluted) | $0.56 | $0.33 |
Balance Sheet and Cash Flow
As of June 30, 2024, BellRing Brands Inc (BRBR, Financial) reported total assets of $804.1 million, up from $691.6 million as of September 30, 2023. The company's cash and cash equivalents stood at $72.6 million, an increase from $48.4 million. The company also repurchased 1.3 million shares for $73.8 million during the third quarter.
Challenges and Future Outlook
Despite the strong performance, BellRing Brands Inc (BRBR, Financial) faces challenges such as fluctuations in input costs and changes in consumer preferences. However, the company has raised its fiscal year 2024 net sales outlook to $1.96-$2.00 billion and Adjusted EBITDA outlook to $430-$440 million, reflecting its confidence in continued growth.
"We are pleased with our third quarter performance, with results ahead of our expectations and shake production delivering to plan," said Darcy H. Davenport, President and Chief Executive Officer of BellRing. "Our strong third quarter performance and visibility to the fourth quarter gives us confidence to raise our outlook for the year."
For more detailed information, readers can access the full 8-K filing.
Explore the complete 8-K earnings release (here) from BellRing Brands Inc for further details.
