Post Holdings (NYSE: POST) reported Q4 EPS of $0.13, $0.06 better than the analyst estimate of $0.07. Revenue for the quarter came in at $1.04 billion versus the consensus estimate of $980.04 million.

Outlook

Post management expects fiscal 2015 Adjusted EBITDA to be between $540.0 million and $580.0 million, with Adjusted EBITDA in the first quarter of fiscal 2015 expected to be between $115.0 million and $120.0 million. The primary items impacting Post management's expectations of the first quarter of fiscal 2015 are:

• Between $5.0 million and $6.0 million of expenses related to Post's reorganization;
• Direct and indirect costs at Michael Foods incurred for corrective actions in connection with isolated fourth quarter fiscal 2014 product quality issues of approximately $6.0 million; and
• Weakness in RTE cereal net sales, which are expected to decline between $15 million and $20 million, compared to the first quarter of fiscal 2014.

Post management expects to meaningfully outperform the prior year on a comparable basis in the last nine months of fiscal 2015, resulting from the following key drivers:

• Michael Foods will be cycling weak prior year periods with volumes continuing to grow while input costs moderate;
• Phasing in anticipated synergies associated with Michael Foods;
• RTE cereal Adjusted EBITDA is expected to be flat, as continued category volume declines will be offset by lower operational expenses; and
• Progressive improvement in Dymatize's results; lower dairy protein costs; and strong growth for protein shakes.

Post management expects fiscal 2015 capital expenditures to be between $115.0 million and $125.0 million. This reflects approximately $40.0 million related to growth activities, mostly at Michael Foods for projects carried over from the prior year which are expected to be completed in the first half of fiscal 2015. Maintenance capital expenditures are expected to be between $75.0 million and $85.0 million.

For earnings history and earnings-related data on Post Holdings (POST) click here.