Post Holdings, Inc. (NYSE:POST) Q1 2023 Earnings Conference Call February 3, 2023 9:00 AM ET

Company Participants

Jennifer Meyer - Investor Relations

Rob Vitale - President and Chief Executive Officer

Matt Mainer - Chief Financial Officer and Treasurer

Conference Call Participants

Andrew Lazar - Barclays

Chris Growe - Stifel

Jason English - Goldman Sachs

Michael Lavery - Piper Sandler

David Palmer - Evercore ISI

Operator

Welcome to Post Holdings’ First Quarter 2023 Earnings Conference Call and Webcast. Hosting the call today from Post are Rob Vitale, President and Chief Executive Officer; and Matt Mainer, Chief Financial Officer and Treasurer. Today’s call is being recorded and will be available for replay beginning at 12:00 p.m. Eastern Time. The dial-in number is 800-839-6136. No pass code is required. At this time, all participants have been placed in a listen-only mode.

It is now my pleasure to turn the floor over to Jennifer Meyer, Investor Relations of Post Holdings for introductions. You may begin.

Jennifer Meyer

Good morning and thank you for joining us today for Post’s first quarter fiscal 2023 earnings call. With me today are Rob Vitale, our President and CEO; and Matt Mainer, our CFO and Treasurer. Rob and Matt will begin with prepared remarks. And afterwards, we will have a brief question-and-answer session. The press release that supports these remarks is posted on our website in both the Investors and the SEC filings section at postholdings.com. In addition, the release is available on the SEC’s website.

Before we continue, I would like to remind you that this call will contain forward-looking statements, which are subject to risks and uncertainties that should be carefully considered by investors as actual results could differ materially from these statements. These forward-looking statements are current as of the date of this call, and management undertakes no obligation to update these statements. As a reminder, this call is being recorded and an audio replay will be available on our website.

And finally, this call will discuss certain non-GAAP measures. For a reconciliation of these non-GAAP measures to the nearest GAAP measure, see our press release issued yesterday and posted on our website.

With that, I will turn the call over to Rob.

Rob Vitale

Thanks, Jennifer, and thank you all for joining us. Post had quite a solid quarter, while all segments performed well, Foodservice performance exceeded expectations, and contributed to our outlook revision for the balance of fiscal 2023. Most encouragingly, we are confident that the sustainable EBITDA level for Foodservice has reset to approximately $350 million prior to considering the contribution from our ready-to-drink shake plan that comes online late this year.