By Kimberly Chin
Post Holdings Inc.'s second-quarter sales rose, largely due to increased consumer pantry-loading as well as more at-home consumption in response to coronavirus lockdown measures.
The consumer packaged goods company, whose products include Honey Bunches of Oats and Weetabix cereal, said sales rose to $1.49 billion from $1.39 billion a year earlier. Analysts surveyed by FactSet expected revenue of $1.42 billion.
The company saw an increase in its Post consumer brands segment with sales up nearly 11% to $507.9 million on increased volumes due to consumer stockpiling, the timing of promotions and merchandising support and new product introductions. Post's Weetabix sales also rose by 8.9% to $113.4 million due to consumer stockpiling.
Sales at its refrigerated retail segment and BellRing Brands rose as well, but sales at its foodservice business fell in the quarter. The foodservice segment was affected by disruptions to customers in full-service restaurants, quick-service restaurants, education and travel and lodging.
Post recorded a loss of $191.4 million, or $2.76 a share, in the quarter, compared with a profit of $44 million, or 58 cents a share, a year earlier. Adjusted earnings were 65 cents a share. Analysts were looking for an adjusted profit of 88 cents a share.
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