Post Holdings (NYSE: POST) reported Q1 EPS of ($0.21), may not compare to the analyst estimate of $0.23. Revenue for the quarter came in at $438 million versus the consensus estimate of $446.8 million.

Outlook

Including results of all completed acquisitions to date (which excludes the pending acquisitions of the PowerBar and Musashi brands and of Michael Foods), Post management continues to expect fiscal 2014 Adjusted EBITDA to be between $300 million and $320 million. For the second half of fiscal 2014, Post management expects modest net deflation in commodities and lower levels of promotional activity resulting in improved gross margins when compared to the first half of fiscal 2014.

On April 1, 2014, Post acquired certain peanut butter manufacturing and other assets from the bankruptcy estate of Sunland, Inc. for $26 million. As a result, capital expenditures for fiscal 2014, inclusive of all completed acquisitions to date (which excludes the pending acquisitions of the PowerBar andMusashi brands and of Michael Foods), are expected to be between $90 million and $100 million, an increase from the prior estimate of between $75 million and $85 million. The capital expenditure guidance is broken into the following categories: $26 million for assets associated with Sunland, Inc.; $20 million for capital expenditures associated with our Modesto facility closure; and the remaining balance for ongoing capital spending.

Additionally, Post management has provided the below information to assist the investment community:

• Pro Forma Adjusted EBITDA for the last twelve months ended March 31, 2014, calculated as if all acquisitions completed to date were owned for the entire period, would have been $321.2 million.
• Post management currently expects Pro Forma Adjusted EBITDA for the twelve-month period ended September 30, 2014, calculated as if all acquisitions completed to date were owned for the entire period, will be between $320 million and $340 million.
• Michael Foods Adjusted EBITDA for the last twelve months ended March 29, 2014 was $238.8 million, which does not give effect to Michael Foods' acquisition of Primera Foods Corporation for periods prior to the date that acquisition was completed (June 27, 2013).
• Post management currently estimates that Adjusted EBITDA for Michael Foods for calendar 2014 will be between $255 million and $270 million, prior to giving effect to synergies currently expected to be recognized in connection with the combination of Post and Michael Foods.
• Post management currently expects to recognize approximately $10 million in annual run-rate pre-tax synergies in fiscal year 2015 from improved commodity purchasing as well as indirect purchasing and professional services, as a result of benefits of scale from the acquisition of Michael Foods.
• The second phase of Post's previously announced Modesto, California facility closure is expected to be completed by September 2014, with the total net pretax annual cash savings of approximately $14 million expected to be fully phased in by fiscal year 2015.
• Post management currently expects combined ongoing annual capital spending for Post and Michael Foods will be between $80 million and $90 million.
• Post management currently estimates that its effective tax rate will stabilize and will be approximately 32%-35% in fiscal year 2015.

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