Ralcorp Holdings has put the release of its full-year earnings back more than three weeks following an analysis of its Post cereals business.

The company, due to release its results today (8 November), now expects to announce financial results for the fourth-quarter by 29 November.

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The delay is down to a goodwill impairment analysis of its Post cereals business, which the company said “would represent a non-cash accounting adjustment to the company’s financial statements, which will not affect adjusted diluted earnings per share, cash flows or liquidity”.

In June Ralcorp had goodwill totalling approximately US$1.8bn related to the acquisition of the Post cereals business in 2008, the company said. After a preliminary review, management initiated a goodwill impairment test, indicating that the goodwill related to the Post acquisition was likely impaired.

Erica Chase, an analyst at Barclays Capital said the announcement will come as “little surprise” to investors, given Ralcorp’s “visible integration and operating troubles” since acquiring Post from Kraft in 2008.

Over seven months, US food giant ConAgra tabled three separate bids to buy Ralcorp and each time the private-label food maker rejected its larger rival without holding talks.

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Ralcorp stated its determination to stay independent and stick to its plan of splitting itself in two. The move would create two companies – one focusing on its private-label operations and the other centred on branded cereal arm Post Foods. The company insisted the split would create more value for its shareholders than a sale to ConAgra. However, some investors were not happy with the company’s conduct.

“We believe the announcement is likely more a matter of timing than performance at this point, as Ralcorp would have been forced to perform an in-depth review of the business at the time of the expected separation anyway,” Erica added.

However, along with this morning’s announcement, Ralcorp did reduce its EPS guidance range from $5.20-$5.35 to a new range of $5.21-$5.27.

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