On February 6th Post Holdings (POST) released results for Q1 FY 2020, ending December 31st 2019. For the period Post Holdings earned $99 million on revenue of $1,457 million. Comparable figures for Q1 FY 2019 were earnings of $126 million on revenue of $1,411 million.

The company operates Michael Foods with financial data incorporated into the Refrigerated Retail segment that includes cheese and sausage along with Bob Evans side dishes and other related foods. This segment generated revenue of $249 in the quarter representing 17.2 percent of Company sales. The segment attained a profit of $26 million or 11.5 percent of the combined operating segments.

The quarterly report includes the following comments relating to the Refrigerated Retail segment:-

For the first quarter, net sales were $249.9 million, a decrease of 4.5%, or $11.7 million, compared to the prior year period, with volumes declining 7.0%. Side dish volumes declined 5.2%, driven by lower breakfast sides volume, partially offset by higher Bob Evans branded sides which grew 5.4%. Egg product sales decreased 19.3% due to losses in branded egg product volume and lower average net selling prices resulting from lower market-based egg prices. Volume information for additional products is disclosed in a table presented later in this release. Segment profit was $26.0 million, a decrease of 14.8%, or $4.5 million, compared to the prior year period due to lower volume, higher raw material costs (particularly in cheese), higher third party consulting costs and increased integration costs. Segment Adjusted EBITDA was $43.8 million, a decrease of 8.8%, or $4.2 million, compared to the prior year period .