By Kimberly Chin
Post Holdings Inc. swung to a profit in the fiscal fourth quarter on lower expenses as the pandemic continues to push shoppers toward at-home consumption.
The consumer packaged goods company, whose products include Honey Bunches of Oats and Weetabix cereal, posted a profit of $57 million, or 83 cents a share, in the quarter ended September 30, compared with a loss of $61.1 million, or 84 cents a share, a year earlier. Adjusted earnings were 58 cents a share. Analysts surveyed by FactSet were looking for adjusted profit of 78 cents a share.
Net sales decreased to $1.41 billion from $1.44 billion a year earlier due to declines in its foodservice and consumer brands segment. However, sales in BellRing Brands, Weetabix and refrigerated retail fared much better. Analysts expected revenue of $1.44 billion.
The company reduced selling, general and administrative expenses by 6.4% from a year ago to $229.8 million.
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