Robert V. Vitale
with our joining EBITDA and Brad, with outlook quarter thank had of to you, line our Thank second $XXX in expectations. you us adjusted results We our solid a and for million, quarter discuss for business. the
of third reviewing that IPO fourth Private EBITDA, good Meanwhile, results carve-out The making full-year alternatives transactions modest we expect to billion to parties. the and include dual-path includes $X.XX a Brands. with in continue $X.XX quarter. respect for progress evaluation process with We a to billion favorability towards of adjusted are
dollars U.S. X.X%. further have appropriate. as channel bit a will We this quarter. Tracked cereal category declined The improved announcements
our SKUs. in products However, growth, our franchise category. offset demonstrate strength explore additional innovation. alternatives bag performance pressures in in of the total for new un-tracked the core including as and Competitive Pebbles flat our estimate high continues channels Nonetheless, to resulting recent a decline, remain bag manufacturers our in
On Grains proceeding weakness the channels. announced in see to In the Weetabix is to our America February, Honey and tracked Great Oats plan The we Clinton cereal other hand, Bunches integration North we well. of of continue Nielsen in plant. close
expect nearly not we until year. million as the until the will XXXX save We to operate $X annually, will but fiscal realize late plant savings next
respect Turning to UK, to to cadence. Weetabix ground with outlook I want and you its
of our is and it ownership has this first So year some seasonality.
volume but EBITDA expect only from We a with adjusted half, X% second first increase prior meaningful lift year. a to in in compared to
case, Weetabix has full-year This shortfall Our £XX majority primarily behind occurred adjusted from from outlook is which two EBITDA our million issues. year underwriting to the approximately expectation for date. is our of
and quarter. last chosen loss. back we pricing highlighted to over have the challenge near-term promoted volume promotion, some pull First, have we Essentially, incurring some
Second, unusual level of in the of resulting the first the an we from conversion. of overhang year, write-offs an ERP had inventory half
on we We are track inventory we with through the and actions corrective Our back positive continuous pricing issues results. are believe showing targets. our improvement initial are
our we are ongoing in As a result, confident estimates.
Our into foodservice separated Michael These Refrigerated and Bob includes operations. retail Food Evans. businesses are and business Foods being
This are up defined million. and The segment However, pro-forma we approximately remain Easter. reductions that did by volumes and nicely $XXX quite cheese. timing. respectively. and on story Bob one share million the we $XX eggs in relates giving have weakness supply achieve are pro-forma retail an of basis $XX quarter EBITDA shaping will including our some and categories, in and benefited with integrated volumes the with they highly side realization reported a X% we foodservice in XXXX. to chain segment. cost of pro-forma Nonetheless, adjusted smaller Meanwhile, had from XX%. our growth in acquisition retail grew We strong is XX%, to Evans confident fiscal growing volumes eggs potato some effect of and press release. To the dish The is even be strong fair, track proceeding timing Synergy million is to
equally are the by rationale strategic of dividends. paying We organizing that channel pleased is
We day We've an coverage whether and high have Bob questions manage Further, spot and with about are received Simply within as driving Michael better prices part profitability. strategies merchandising able retail begin segment channel to we footprint. unsustainable Potatoes integrated on we foodservice basis. the the combined Evans egg are regarding to by
the that we we For indicated reduce that eggs with purchased this a recall grain-based sold market price to would of but continue earlier imbalance context, year, cost. a on
less successful this above expectations We and imbalance to expect This XXXX to contribute been $XX but to EBITDA. imbalance than our modestly approximately amount in reducing a $XX fiscal we XXXX. the million XX%, headwind is adjusted in million potential to have poses
X% and facility to mix business margin we value-added continue Iowa, and long-term value-added towards will so. structural comes egg volatility, as its of demand new our and supports our have assumption. in improved EBITDA for we We've a support our our more migrate growth structure foodservice market has have to higher impact While articulated online mix Moreover, volumes further we this reduced Norwalk, X% expect products. profitability entirely continued rate when not precooked in materially do business our we products. this The eliminated to and improvement
in our growing This net better with business, quarter Nutrition and widespread XX%. sales expanded distribution new growth Active products. with velocities, attractive produced was Growth again
We continue respect to optimistic to with of be mix our businesses.
that growing repurchased million million for cash-generative or we $XX. $XX shares businesses. high in of X.X an of and blend price average quarter, attractive an with Consistent the have optimism, during We businesses
repurchase quarter We and new of continued a after earlier end the repurchase shares of week, announced million. $XXX the we this to authorization share
our X, longer repurchased purchased May the dated Also had million authorizations. As $XXX $XXX approximately we under we during quarter, of million prior in bonds.
and capital. debt is reduction efficient share We balances of allocation repurchases continue believe approach an time that to an over
We continue to explore M&A opportunities.
and are we thank if respond. at will now to Evans not along the activity pursuing for But that, Bob call priority. anticipate, significant we private opportunities. Brands, With with that develops, you opportunity assured M&A near-term the Post process lower as me However, turn ongoing a Be brands Consumer render Jeff. may Michael such Foods, will you I great the a And your over again support. let integration aggressively
