An increase in fourth-quarter sales did not stop US cereal group Post Holdings reported a fall in underlying annual profits as costs ate into its bottom line.
Post booked a 4% increase in net sales for the three months to the end of September to $247.2m after volumes grew 4.9%.
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However, higher grain costs and lower production volumes over the year meant Post reported annual adjusted EBITDA of $214.6m, compared to $248.9m a year earlier.
Over the year, net sales dropped 1% to $958.9m as volumes fell.
On a reported basis, Post booked annual net earnings of $49.9m, compared to a loss of $424.3m a year ago. Impairment charges after former parent Ralcorp Holdings analysed Post before spinning it off earlier this year hit the branded cereal firm’s bottom line last year.
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