ST. LOUIS — Post Holdings, Inc. shared its financial results for the second quarter ended March 31.

For the Post Consumer Brands business, which includes pet food, second quarter net sales were $987.9 million, a 7.3% decrease compared to the prior year period. The company attributed this decline to decreases in pet food volumes, which dropped 5.4% due to reductions in private label and co-manufactured products and distribution losses. 

Segment profit was $139.6 million, a 0.1% decrease compared to the prior year period. Segment adjusted EBITDA was $203.8 million, a 2.4% increase.

For the six months ended March 31, segment net sales were $1.95 billion, a 5% decrease compared to the prior year period. Segment profit was $280.6 million, a decrease of 0.7%. Adjusted EBITDA was $408.6 million, a 5.1% increase. 

Overall, second quarter net sales were reported at $1.95 billion, a 2.3% decrease compared to $1.99 billion in the prior year period. This included $2.3 million in net sales from acquisitions during the quarter. Excluding this, net sales growth was led by Post’s Foodservice business and offset by declines in Consumer Brands, which witnessed decreases in pet food distribution. Gross profit was $545.8 million (representing 28% of net sales), a 5.8% decrease compared to $579.6 million (representing 29% of net sales) in the prior year period. 

Operating profit was $182.2 million, a 4.2% decrease compared to $190.1 million in the prior year. Net earnings were $62.6 million, a 35.6% decrease compared to $97.2 million in the prior year.

Selling, general and administrative (SG&A) expenses were $314.8 million (representing 16.1% of net sales), a 7.8% decrease compared to $341.3 million (representing 17.1% of net sales) in the prior year.

Adjusted EBITDA was $346.5 million, a 0.4% increase compared to $345.2 million in the prior year period. 

Additionally, the company raised its guidance for the full year. Adjusted EBITDA is now expected to be between $1.43 billion and $1.47 billion, compared to previous guidance of between $1.42 billion and $1.46 billion. Capital expenditures are expected to range between $390 million to $430 billion, which includes investments in pet food capacity and safety. 

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