Post Holdings delivered a solid QQ2 2024 performance anchored by acquisition-driven top-line growth, with adjusted dynamics in core segments reflecting a transitional consumer environment. Reported revenue of $1.999 billion rose 23.4% year over year largely due to recent acquisitions, while excluding acquisitions revenue declined about 5% as volume softness in Retail and pricing pass-through in Foodservice weighed on near-term sales. Gross profit was $549 million for a gross margin of 27.46%, and operating income reached $208 million (operating margin 10.40%), resulting in net income of $97.2 million and diluted earnings per share of $1.44. EBITDA stood at $317 million with an EBITDARatio of 15.86%. Free cash flow generated in the quarter was $150.9 million, and cash flow from operations was $249.6 million, underscoring ongoing operating discipline and working-capital management.
The quarter featured mixed segment dynamics: stronger profitability in Post Consumer Brands (PCB) and Weetabix margins benefited by ongoing optimization and ERP-related absorption, while Refrigerated Retail faced profitability headwinds from higher promotional/trade spend. Foodservice benefited from favorable product mix and lower avian-influenza-related costs, though RTD shake manufacturing ramp remained slower than anticipated. Management signaled a constructive long-run outlook: expect a more stable consumer environment in 2025, ongoing cost-management, and an active M&A market with a disciplined capital-allocation stance. The company also reiterated an elevated capital-return posture, including a $500 million share-repurchase authorization and active share repurchases (2.0 million shares in the quarter, plus 0.3 million in July).
From a balance-sheet perspective, the company maintained a robust liquidity profile with a cash balance of roughly $333 million and total debt of about $6.42 billion, resulting in net debt around $6.07 billion and a leverage profile near 4.3x. The QQ2 results set a foundation for the back-half of the fiscal year and provide visibility into ongoing initiatives such as Lancaster’s expected EBITDA contribution, Norwalk protein-shakes capacity ramp (targeting fiscal 2026), and Weetabix ERP Phase Two later in the fall. Overall, the QQ2 prints highlight a diversified, asset-light capability to navigate a transition in consumer demand while pursuing growth through acquisitions, margin improvements, and capital allocation discipline.