On this page of StockholderLetter.com we present the latest annual shareholder letter from Post Holdings, Inc. — ticker symbol POST. Reading current and past POST letters to shareholders can bring important insights into the investment thesis.
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12/9/2024 Letter Continued (Full PDF)
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12/11/2023 POST Stockholder Letter
• More "Food & Beverage" Category Stockholder Letters
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POST Benford's Law Stock Score = 83
12/9/2024 Letter Continued (Full PDF)
•
12/11/2023 POST Stockholder Letter•
More "Food & Beverage" Category Stockholder Letters•
POST Benford's Law Stock Score = 83POST Shareholder/Stockholder Letter Transcript:
Delivering Results Post Holdings, Inc. 2024 Annual Report Net Sales Net Sales by Segment ($ in millions) 2022 2023 7,922.7 6,991.0 5,851.2 Refrigerated Retail 12% Post Consumer Brands 30% 22% Ready-to-Eat Cereals and Nut Butters Pet Foods 2024 Adjusted EBITDA(1) 1,403.6 963.5 1,233.4 ($ in millions) 2022 2023 2024 Operating Cash Flow 750.3 931.7 ($ in millions) 384.2 Foodservice 2022 2023 2024 29% Weetabix 7% POST HOLDINGS, INC. 2024 ANNUAL REPORT Financial Highlights (in millions except per share data) 2022 2023 2024 $5,851.2 $6,991.0 $7,922.7 1,467.5 1,881.7 2,304.9 Operating Profit 415.6 598.9 793.5 Net Earnings from Continuing Operations 735.0 301.3 366.7 Net Sales Gross Profit Diluted Earnings from Continuing Operations per Common Share $ 11.75 4.82 5.64 Operating Cash Flow from Continuing Operations 384.2 750.3 931.7 Adjusted EBITDA(1) 963.5 1,233.4 1,403.6 Adjusted Net Earnings from Continuing Operations(1) 105.5 358.1 419.5 Adjusted Diluted Earnings from Continuing Operations per Common Share(1) 1.68 5.34 Committed to delivering strong performance, day in and day out. 6.27 1 2 POST HOLDINGS, INC. 2024 ANNUAL REPORT Post Consumer Brands 50% Ready-to-Eat Cereals and Nut Butters HALF OF THE TOP 6 U.S. CEREAL BRANDS BY DOLLAR SHARE(2) Weetabix #1 RTE CEREAL BRAND IN THE U.K.(4) Foodservice 4X GROWTH OF VALUE-ADDED EGGS OUTPACED TRADITIONAL SHELL EGGS IN FOODSERVICE BY NEARLY 4X(5) #3 Pet Foods BRANDED U.S. PET FOOD MANUFACTURER BY VOLUME(3) Our business model and our diversification enable us to adapt to changing conditions. Refrigerated Retail #1 DINNER SIDE BRAND BY HOUSEHOLD PENETRATION(6) POST HOLDINGS, INC. 2024 ANNUAL REPORT To Our Shareholders, Fiscal 2024 was an excellent year. Our 14% Adjusted EBITDA growth and opportunistic capital allocation combined to drive a 35% increase in the value of your shares. This was a continuation of our track record of longterm value creation, bringing the compounded annual growth rate of your shares to 16% since our 2012 spinoff (this excludes any benefit long-term owners may have received by owning their proportionate share from our spinoff of BellRing Brands, Inc.). The main drivers of our Adjusted EBITDA growth in fiscal 2024 included pricing in balance with our input costs, further improvements in our manufacturing supply chains and sustaining our remarkable entry into the pet food category, doubling our acquisition case. Meanwhile, our diversified portfolio, price points and value-added product offerings continued to provide volume offsets in an otherwise challenging consumer backdrop. Over the last two years Post has grown Adjusted EBITDA by approximately 46%. Roughly half has come from organic operating growth and half from acquisition contributions. Our primary focus is on how this growth converts to free cash flow, which we define as operating cash flow less capital expenditures. In fiscal 2024, Post s free cash flow was $502 million, bringing our total over the last two years to nearly $1 billion. $301M DURING FISCAL 2024, WE ACQUIRED 3.0M SHARES OF OUR COMMON STOCK FOR A TOTAL OF $301M. 3