Q3 2024 Post Holdings Inc Earnings Call Transcript
Key Points
- Post Holdings Inc (POST) delivered a solid quarter, enabling an increase in full-year guidance.
- Strong consumption of both branded and private label cereal products.
- Ongoing outperformance in the pet business versus underwriting case.
- Significant mix improvement and value-added eggs.
- Leverage is at historically low levels, allowing for reactive capital allocation.
- Refrigerated retail segment underperformed due to trade investment cannibalizing base volume.
- Cereal volumes were challenged, with a 4.1% decline in the category.
- Delays in achieving full RTD Shake manufacturing run rates.
- Refrigerated retail business faced significant pullback in profitability due to higher-than-expected freight costs.
- SG&A increased, driven by targeted marketing investments and elevated stip or bonus within some segments.
Welcome to the Post Holdings third-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.
Good morning, and thank you for joining us today for Post's third-quarter fiscal 2024 earnings call. I'm joined this morning by Rob Vitale, our President and CEO; Jeff Zadoks, our COO; and Matt Mainer, our CFO and Treasurer. Rob, Jeff, and Matt will make prepared remarks and afterwards will answer your questions.
The press release that supports these remarks is posted on both the investors and the SEC filings sections 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 should be carefully considered
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