Benzinga | May 6, 2021 05:52PM EDT

Post Holdings Sees H2 2021 Adj EBITDA $590M-$620M; Sees FY21 Capital Expenditures $225M-$250M

Outlook

Post management expects Adjusted EBITDA for the second half of fiscal year 2021 to be between $590-$620 million, with modest favorability to the fourth quarter. Post management continues to expect fiscal year 2021 capital expenditures to range between $225-$250 million, including approximately $4 million attributable to BellRing.

Post provides Adjusted EBITDA guidance only on a non-GAAP basis and does not provide a reconciliation of its forward-looking Adjusted EBITDA non-GAAP guidance measure to the most directly comparable GAAP measure due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including adjustments that could be made for income/expense on swaps, net, gain/loss on extinguishment and refinancing of debt, net, noncontrolling interest adjustment, equity method investment adjustment, mark-to-market adjustments on commodity and foreign exchange hedges and equity securities, provision for legal settlement, transaction and integration costs and other charges reflected in Post's reconciliations of historical numbers, the amounts of which, based on historical experience, could be significant. For additional information regarding Post's non-GAAP measures, see the related explanations presented under "Post's Use of Non-GAAP Measures."

BellRing Outlook

For fiscal year 2021, BellRing management has raised its guidance range for net sales to $1.17-$1.20 billion from $1.07-$1.12 billion and Adjusted EBITDA to $214-$220 million from $207-$217 million (resulting in net sales and Adjusted EBITDA growth of 18%-21% and 9%-12%, respectively, over fiscal year 2020). BellRing management continues to expect fiscal year 2021 capital expenditures of approximately $4 million.