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Post Holdings, Inc. (NYSE:POST), a consumer packaged goods holding company, today provided information regarding avian influenza incidents at two of Michael Foods' third-party contracted egg-laying facilities. Post also updated its non-GAAP Adjusted EBITDA guidance for fiscal year 2024.
Avian Influenza Discussion
Michael Foods' third-party contracted egg-laying flocks in Iowa and Ohio tested positive for avian influenza. The facilities house approximately 4.2 million egg-laying hens, or approximately 10% of Post's controlled supply, inclusive of owned and third-party contracted farms.
Fiscal Year 2024 Outlook
Post management updated its outlook for fiscal year 2024 Adjusted EBITDA to the range of $1,220-$1,280 million to incorporate 10 months of contribution from the previously announced acquisition of Perfection Pet Foods, LLC, which was completed effective December 1, 2023. No change was made to the outlook range for today's announcement of avian influenza as Post management believes the related financial impact is within the tolerances of the range. The updated guidance range does not incorporate a significant expansion of avian influenza within Post's network, the impact of which is uncertain.
The APHIS division of the USDA and individual states track and report individual incidents of avian influenza. Post does not expect to provide additional updates on specific incidents unless the cumulative effect of subsequent incidents exceeds an additional 5% of Post's controlled supply.
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 of extinguishment of debt, net, equity method investment adjustment, mark-to-market adjustments on commodity and foreign exchange hedges, equity securities and investments, integration and transaction 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 measure, see the related explanation presented under "Post's Use of Non-GAAP Measure."
Posted In: POST