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Post Holdings Reports on Q1 of FY 2017

  

Feb 10, 2017

    

In a press release dated February 2nd Post Holdings (POST) the holding Company for the Michael Foods Group announced results for the 1st Quarter of Fiscal 2017 ending December 31st 2016.

The following table summarizes the results for the period compared with the values for the corresponding quarter of the previous fiscal year (Values expressed as $ x 1,000 except EPS)

   
  

 

 1st Quarter Ending  December 31st

2016

2015

Difference (%)

Sales:

$1,249,800

$1,248,800

<+0.1

Gross profit:

$379,200

$362,500

+4.6

Operating income:             

$76,200

$132,900

-42.7

Net Income (includes income unrelated to operations)

           $94,200

$10,500

 

N/A

Diluted earnings per share:

$1.22

$0.15

N/A

Gross Margin (%)

30.3

29.0

+4.4

Operating Margin (%)

6.1

10.6

-42.5

Profit Margin (%)

7.5

0.8

N/A

Long-term Debt:

$4,552,200

  $4,551,200

         <+0.1

12 Months Trailing:

 

 

 

           Return on Assets    (%)

3.9

 

 

           Return on Equity    (%)

2.3

 

 

           Operating Margin   (%)

11.4

 

 

           Profit Margin          (%)

1.4

 

 

Total Assets

$9,187,800

  $9,360,000

           -1.8

Market Capitalization

$5,480,000

 

          

 

52-Week Range in Share Price:          $61.96  to   $89.00

Market close Thursday Feb. 2nd $83.97 Post-release open Friday, Feb 3rd $83.50.

Forward P/E: 27.5

 

The Michael Foods Group of Post Holdings includes the egg (shell and liquid), cheese, pasta and potato businesses. The Company report stated:-  “Net sales for the Segment were $539.8 million for the first quarter, a decline of 7.9%, or $46.6 million, over the reported prior year first quarter. On a comparable basis, net sales declined 12.3%, or $75.4 million, over the same period in fiscal 2016. Egg sales, on a comparable basis, declined 12.8% as a result of reduced pricing related to the roll back of the temporary component of avian influenza pricing and reduced market-based pricing in the ingredient and retail shell egg channels. Egg volumes, on a comparable basis, increased 11.8% as first quarter 2016 egg inventory available for sale was reduced

 

Michael Foods Performance:                      2016                                      2015

          Sales  (% Company)                        $539,8 million (43%)        $586,4 million (46.9)

          Contribution (% Company)             $ (17.0 million)  (neg)       $  80.8 million (20.6)

Segment Adjusted EBITDA was $92.3 million and $118.0 million for first quarters of 2017 and 2016, respectively.

 

Post Holdings projects capital expenditure of $180m to $200m for FY 2017 including $35m for conversion to cage-free housing in the Bloomfield NE complex representing one million hens.