Post Holdings has reported better-than-expected results for its fiscal third quarter, even as it reported a modest rise in sales.
For the three months to 30 June, operating profit was up 74.7% to $142m, while sales grew by 2.8% to $1.25bn. However, underlying sales were down 4.1%, primarily due to a decline in sales within the Michael Foods Group segment.
The Consumer Brands unit saw sales jump up 21.7% to $434.5m (+1.3% underlying), with volumes up 2.2%. The Michael Foods unit saw sales decline by 8.3% to $518m (-11.4% underlying). The Active Nutrition unit reported a 1.5% increase in sales to $156.1m (+4.7% underlying), and the Private Brands unit saw sales edge up 0.9% to $137.9m.