St. Louis-based Post Holdings has posted results for the first quarter of 2015, recording net sales of $1,073.9m, an increase by 261.6%, compared to the previous year.
Gross profit of the company increased $134.6m to $249.1m for the first quarter compared to the prior year, while first quarter's adjusted EBITDA was $127.6m, an increase of $71.7m, as against the previous year.
First quarter results were announced in three categories: Consumer Brands, Michael Foods Group and Private Label.
Net sales of Consumer Brands under cereal brands and active nutrition brands were $347.9m for the first quarter, up $73.8, or 26.9% over reported prior year first quarter. On a comparable basis, net sales declined 5.2%, or $19.0m, over the same period in fiscal 2014, with active nutrition sales up 1.5% and RTE cereal sales declining 8.8%.
Overall segment profit was $31.3m, compared to $47.4m in the prior year.
Michael Foods Group recorded net sales of $599.3m for the first quarter, up 4.0%, or $22.9m, over the same period in fiscal 2014, with volume up 0.9%. Egg products sales were up 0.8%, on a comparable basis, with volume up 0.7%.
Refrigerated potato products sales were up 7.0%, on a comparable basis, with volume up 1.7%. Pasta products sales were up 2.3%, on a comparable basis, with volume up 0.7%. Cheese and other dairy case products recorded 18.3% increase, with volume up 1.7%.
Segment profit and segment Adjusted EBITDA for the first quarter were $42.1m and $72.4m, respectively.
Private Label group includes the Golden Boy peanut butter, other nut butters, and dried fruit and nut businesses and the Attune Foods cereal, granola and snack businesses.
Net sales were $127.8m for the first quarter, up $104.6m over reported prior year first quarter. On a comparable basis, net sales were up 12.4%, or $15.5m, over the same period in fiscal 2014, with Golden Boy up 13.2% and Attune Foods up 9.1%.
Segment profit was $6.9m, compared to $2.6m in the prior year. Segment Adjusted EBITDA was $14.3m, compared to $4.4m in the prior year.
The company has agreed to acquire MOM Brands Company and the transaction is expected to be completed by the third quarter of 2015.
