Thursday, store brand foods producer Ralcorp Holdings, Inc. (RAH) reported an increase in earnings for the third quarter as sales increased, helped by the acquisition of Post cereals business.
Earnings for the St. Louis-based company rose to $74.8 million from $45.8 million recorded in the same period last year. Earnings per share declined to $1.31 from $1.73 per share in the corresponding period last year. Share count rose to 56.9 million from 26.3 million a year ago, primarily as a result of the 30.5 million shares issued in the Post Foods acquisition.
Results for the most recent quarter include loss on forward sale contracts of $0.27 per share, integrations costs of $0.15 per share and gain on sale of securities of $0.31 per share and equity in earnings relating to Vail Resorts Inc. of $0.12 per share.
Excluding items, earnings grew 59% to $1.30 per share from $0.82 per share in the year ago-quarter. On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $1.30 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales rose to $994 million from $658.6 million in the prior year period. Seven Street analysts expected the company to report sales of $1.01 billion for the quarter.
Cereals segment sales surged to $476.1 million from $194.4 million in the year-ago period. Frozen Bakery Products sales declined to $162.1 million from $174.1 million last year. snacks segment sales increased to $219.1 million from $166 million in the corresponding period last year. Sauces and Spreads sales increased to $136.1 million from $124.1 million last year.
The company said, of the third quarter's $335.4 million sales growth, about $264.8 million came from Post Foods, included in the Cereals segment, and about $46.0 million came from Harvest Manor Farms.
For the nine-month period net earnings surged to $210.5 million or $3.69 per share from $126.7 million or $4.81 per share in the year-ago period. Sales increased to $2.91 billion from $1.95 billion in the same period last year.
RAH declined $0.34 or 0.53% and closed Thursday's regular trading at $63.40.
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