Q4 2024 Post Holdings Inc Earnings Call Transcript
Key Points
- Post Holdings Inc (POST) reported a strong fourth quarter, with adjusted EBITDA growing by 45% over the last two years, driven by both organic growth and pet acquisitions.
- The company generated approximately $1 billion in free cash flow over the past two years, highlighting strong cash flow conversion.
- Post Holdings Inc (POST) successfully reduced net leverage by more than a full turn over the last two years, improving its financial position.
- The pet business has performed exceptionally well, exceeding expectations by more than doubling the acquisition case.
- Foodservice segment showed strong performance with a 3.6% volume increase, led by distribution gains in eggs and potatoes, and a favorable mix shift to higher value-added products.
- Cereal category volumes declined by 2.6%, reflecting ongoing challenges in the segment.
- Pet consumption volumes were down roughly 2%, driven by reduced distribution points for Nutrish and price elasticity in Gravy Train.
- The Refrigerated Retail segment faced distribution losses in egg and cheese products, impacting net sales.
- Weetabix experienced a 2% decline in UK cereal category volumes, with branded biscuits down 3% due to lapping heavier promotions from the previous year.
- The company faces ongoing challenges in its shake manufacturing start-up, with lower-than-expected output and delays in reaching the desired run rate.
Welcome to the Post Holdings fourth quarter 2024 earnings conference call and webcast. (Operator Instructions) I would now like to turn the call over to Daniel O'Rourke, Investor Relations for Post. Please go ahead.
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Good morning. Thank you for joining us today for Post's fourth quarter fiscal 2024 earnings call. I'm joined this morning by Rob Vitale, our President and CEO; and Jeff Zadoks, our COO; and Matt Mainer, our CFO and Treasurer. Rob, Jeff and Matt will make prepared remarks, and afterwards, we'll answer your questions.
The press release that supports these remarks is posted on both the investors and the SEC filings portions of our website and is also available on the SEC's website. As a reminder, this call is being recorded, and an audio replay will be available on our website at postholdings.com.
Before we continue, I would like to remind you that this call will contain forward-looking statements, which are subject to risks and uncertainties that should be
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