US cereal maker Post Holdings has recorded an increase in third-quarter profits and reaffirmed its outlook for the year.

In the three months to the end of June, earnings reached US$15.8m, compared to $1.6m in the prior-year quarter, when results were dragged down by impairment charges.

Post, which spun-off from Ralcorp Holdings earlier this year, added that it is restating its financial statements for the previous fiscal year, in-line with Ralcorp’s restatements.

Operating profit in the third quarter soared to $41.5m from $16.6m a year earlier, while sale dropped 2.3% to $241.9m. Post blamed the drop on a 5.5% decline in overall volumes, partially offset by higher average net selling prices.

Post said it still expects adjusted EBITDA of $200 to $210m for the year following the separation from Ralcorp.

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