In its first financial results release as a publicly traded company, Bellring Brands Inc. /zigman2/quotes/214579114/composite BRBR -10.20% late Thursday reported rising profit but falling sales for its fourth quarter. The maker of ready-to-drink shakes and the Powerbar protein bar, a spinoff of cereal maker Post Holdings Inc. /zigman2/quotes/201725777/composite POST -0.40% , debuted on equity markets last month. Bellring said it earned $26.7 million in the fourth quarter, compared with earnings of $26.4 million in the year-ago period. Adjusted for one-time items, Bellring earned $28.7 million; no non-GAAP adjustments were made to net earnings in the fourth quarter of 2018, the company said. Sales fell 2.5% to $214.5 million mostly as a result of promotional activity, Bellring said. The company did not provide a per-share earnings breakdown for the quarter. Analysts polled by FactSet had expected sales of $214.6 million. Bellring priced its initial public offering in mid-October at $14 a share. Post Holdings Inc. held about 71% of Bellring then. The stock was flat in the extended session after ending the regular trading day down 2.3%.