Post Holdings Reports Results for the Third Quarter of Fiscal Year 2014
Highlights:
-
Net sales of
$633.0 million , including$394.8 million from acquisitions -
Adjusted EBITDA of
$87.8 million , including$37.8 million from acquisitions -
Completed the financing and acquisition of
Michael Foods in the third quarter
Post operates five reportable segments:
Entity | Segment | Acquisition Date |
Attune Foods | Attune Foods | December 31, 2012 |
May 2013 Attune Foods | Attune Foods | May 28, 2013 |
Premier Nutrition | Active Nutrition | September 1, 2013 |
Dakota Growers Pasta Company | Private Brands | January 1, 2014 |
Golden Boy Foods | Private Brands | February 1, 2014 |
Dymatize Enterprises | Active Nutrition | February 1, 2014 |
Michael Foods | Michael Foods | June 2, 2014 |
Third Quarter Consolidated Operating Results
Third quarter net sales were
Gross profit increased
Selling, general and administrative (SG&A) expenses for the third quarter increased
Adjusted EBITDA was
For the third quarter, the net loss attributable to common stockholders was
Nine Month Consolidated Operating Results
Net sales for the nine months ended
Gross profit increased
SG&A expenses increased
Losses on foreign currency were
Adjusted EBITDA was
For the nine months ended
Segment Results
For analysis purposes, net sales on a comparable basis is provided for the
Net sales were
Net sales for the nine months ended
According to
Reported financial results for the quarter and nine months ended
Net sales (including intersegment sales) were
Active Nutrition
Active Nutrition markets and distributes high protein shakes, bars and powders as well as nutrition supplements through the Premier Protein, Joint Juice, Dymatize and Supreme Protein brands.
Net sales were
For the nine months ended
Private Brands
Private Brands manufactures dry pasta, peanut butter and other nut butters, dried fruits and baking and snacking nuts, servicing the private label retail, foodservice and ingredient channels.
Net sales were
For the nine months ended
Net sales (including intersegment sales) were
For the nine months ended
Interest and Income Tax
Net interest expense was
Income tax benefit was
The elevated effective income tax rate for both current year periods is partially the result of Post’s estimated range of earnings (loss) before income taxes for fiscal 2014. Small variations in earnings (loss) before income taxes and permanent differences are anticipated to have a magnified impact on the effective income tax rate for fiscal 2014. Additionally, the elevated rate for both current year periods is also the result of larger permanent differences incurred in the current year for certain items, including, but not limited to, nondeductible acquisition transaction expenses and tax planning strategies implemented for certain acquisitions. Post management expects its effective tax rate will stabilize and will be approximately 32%-35% in fiscal year 2015.
Update on Acquisitions
In a separate press release issued today, Post announced it has signed a stock purchase agreement to acquire
On
On
Outlook
Post management expects fiscal 2014 Adjusted EBITDA, excluding the now completed acquisition of
Post management expects fiscal 2014 Adjusted EBITDA for
Post management continues to expect capital expenditures for fiscal 2014, excluding the now completed acquisition of
The second phase of Post’s previously announced
Use of Non-GAAP Measures
Management has determined that the Adjusted EBITDA, segment Adjusted EBITDA, Adjusted net earnings (loss) available to common stockholders, Adjusted diluted earnings (loss) per common share and total segment profit metrics presented herein are key metrics that will help investors understand the ultimate income and near-term cash flows generated by the Post business.
Adjusted EBITDA and segment Adjusted EBITDA are non-GAAP measures which represent net earnings excluding income taxes, net interest expense, depreciation and amortization, non-cash stock based compensation, restructuring and plant closure costs, acquisition related transaction costs, integration costs, inventory valuation adjustments on acquired businesses, costs to effect Post’s separation from
Adjusted net earnings (loss) available to common stockholders is a non-GAAP measure which represents net earnings available to common stockholders excluding costs to effect Post’s separation from Ralcorp and to establish stand-alone systems and processes, restructuring and plant closure costs, acquisition related transaction costs, integration costs, inventory valuation adjustments on acquired businesses, mark to market adjustments and settlements on commodity hedges, mark to market adjustments on interest rate swaps, gain on change in fair value of acquisition earn-out, losses on hedge of purchase price of foreign currency denominated acquisitions, legal settlement and intangible asset impairments, if any. The Company believes Adjusted net earnings (loss) available to common stockholders and Adjusted diluted earnings (loss) per common share are useful to investors in evaluating the Company’s operating performance because they exclude items that could affect the comparability of Post’s financial results and could potentially distort the trends in business performance.
Total segment profit is a non-GAAP measure which represents the aggregation of the segment profit for each of Post’s reportable segments. The Company believes total segment profit is useful to investors in evaluating the Company’s operating performance because it facilitates period-to-period comparison of results of segment operations.
The calculations of Adjusted EBITDA, segment Adjusted EBITDA, Adjusted net earnings (loss) available to common stockholders, Adjusted diluted earnings (loss) per common share and total segment profit are not specified by
Conference Call to Discuss Earnings Results and Outlook
The Company will host a conference call on
Interested parties may join the conference call by dialing (877) 540-0891 in
A replay of the conference call will be available through
Forward-Looking Statements
Certain matters discussed in this press release and on the conference call are forward-looking statements, including the expected timing of the completion of the acquisitions of the PowerBar and
About
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||
(in millions, except per share data) | ||||
Quarter Ended June 30, |
Nine Months Ended June 30, |
|||
2014 | 2013 | 2014 | 2013 | |
Net Sales | $ 633.0 | $ 257.3 | $ 1,368.0 | $ 742.4 |
Cost of goods sold | 484.4 | 153.1 | 975.5 | 430.0 |
Gross Profit | 148.6 | 104.2 | 392.5 | 312.4 |
Selling, general and administrative expenses | 120.3 | 72.8 | 306.5 | 214.9 |
Amortization of intangible assets | 20.4 | 3.5 | 38.8 | 9.9 |
(Gain) Loss on foreign currency | (0.6) | 0.2 | 12.9 | 0.3 |
Restructuring expense | 0.2 | 3.0 | 0.9 | 3.0 |
Other operating expenses, net | 0.3 | 0.5 | 0.5 | 0.9 |
Operating Profit | 8.0 | 24.2 | 32.9 | 83.4 |
Interest expense, net | 57.0 | 19.2 | 123.3 | 60.0 |
Other expense, net | 6.8 | — | 6.8 | — |
(Loss) Earnings before Income Taxes | (55.8) | 5.0 | (97.2) | 23.4 |
Income tax (benefit) provision | (20.7) | 1.6 | (41.4) | 7.3 |
Net (Loss) Earnings | (35.1) | 3.4 | (55.8) | 16.1 |
Preferred stock dividends | (4.2) | (2.3) | (11.1) | (3.1) |
Net (Loss) Earnings Available to Common Stockholders | $ (39.3) | $ 1.1 | $ (66.9) | $ 13.0 |
(Loss) Earnings per Common Share: | ||||
Basic | $ (0.92) | $ 0.03 | $ (1.84) | $ 0.40 |
Diluted | $ (0.92) | $ 0.03 | $ (1.84) | $ 0.40 |
Weighted-Average Common Shares Outstanding: | ||||
Basic | 42.6 | 32.7 | 36.3 | 32.6 |
Diluted | 42.6 | 33.2 | 36.3 | 32.9 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | ||
(in millions) | ||
June 30, 2014 | September 30, 2013 | |
ASSETS | ||
Current Assets | ||
Cash and cash equivalents | $ 377.3 | $ 402.0 |
Restricted cash | 5.3 | 38.1 |
Receivables, net | 404.1 | 83.2 |
Inventories | 391.2 | 121.9 |
Deferred income taxes | 31.7 | 11.9 |
Prepaid expenses and other current assets | 31.0 | 11.0 |
Total Current Assets | 1,240.6 | 668.1 |
Property, net | 850.0 | 388.5 |
Goodwill | 3,097.3 | 1,489.7 |
Other intangible assets, net | 2,749.4 | 898.4 |
Deferred income taxes | 1.8 | 2.4 |
Other assets | 79.1 | 26.7 |
Total Assets | $ 8,018.2 | $ 3,473.8 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Current Liabilities | ||
Current portion of long-term debt | $ 25.7 | $ — |
Accounts payable | 195.2 | 77.1 |
Other current liabilities | 247.4 | 68.9 |
Total Current Liabilities | 468.3 | 146.0 |
Long-term debt | 3,838.6 | 1,408.6 |
Deferred income taxes | 977.1 | 304.3 |
Other liabilities | 138.0 | 116.3 |
Total Liabilities | 5,422.0 | 1,975.2 |
Stockholders’ Equity | ||
Preferred stock | 0.1 | — |
Common stock | 0.5 | 0.3 |
Additional paid-in capital | 2,670.0 | 1,517.2 |
(Accumulated deficit) retained earnings | (18.4) | 47.6 |
Accumulated other comprehensive loss | (2.6) | (13.1) |
Treasury stock, at cost | (53.4) | (53.4) |
Total Stockholders’ Equity | 2,596.2 | 1,498.6 |
Total Liabilities and Stockholders’ Equity | $ 8,018.2 | $ 3,473.8 |
SELECTED CONDENSED CONSOLIDATED CASH FLOW INFORMATION (Unaudited) | ||
(in millions) | ||
Nine Months Ended June 30, |
||
2014 | 2013 | |
Cash provided by (used in): | ||
Operating activities | $ 74.5 | $ 66.2 |
Investing activities | (3,587.6) | (187.0) |
Financing activities | 3,495.3 | 306.8 |
Effect of exchange rates on cash and cash equivalents | (6.9) | (0.6) |
Net (decrease) increase in cash and cash equivalents | $ (24.7) | $ 185.4 |
SEGMENT INFORMATION (Unaudited) | ||||
(in millions) | ||||
Quarter Ended June 30, |
Nine Months Ended June 30, |
|||
2014 | 2013 | 2014 | 2013 | |
Net Sales | ||||
Post Foods | $ 238.2 | $ 246.6 | $ 714.6 | $ 728.9 |
Michael Foods | 150.5 | — | 150.5 | — |
Active Nutrition | 86.7 | — | 194.5 | — |
Private Brands | 134.2 | — | 239.9 | — |
Attune Foods | 23.7 | 10.8 | 69.1 | 13.6 |
Eliminations | (0.3) | (0.1) | (0.6) | (0.1) |
Total | $ 633.0 | $ 257.3 | $1,368.0 | $ 742.4 |
Segment Profit (Loss) | ||||
Post Foods | $ 48.2 | $ 47.3 | $ 136.4 | $ 139.6 |
Michael Foods | (12.5) | — | (12.5) | — |
Active Nutrition | (2.5) | — | 1.9 | — |
Private Brands | 5.9 | — | 6.7 | — |
Attune Foods | 2.0 | 0.2 | 6.5 | (0.4) |
Total segment profit | 41.1 | 47.5 | 139.0 | 139.2 |
General corporate expenses and other | 30.8 | 15.5 | 85.3 | 48.0 |
Accelerated depreciation on plant closure | 2.1 | 4.8 | 6.8 | 4.8 |
Losses on hedge of purchase price of foreign currency denominated acquisitions | — | — | 13.1 | — |
Restructuring expenses | 0.2 | 3.0 | 0.9 | 3.0 |
Interest expense | 57.0 | 19.2 | 123.3 | 60.0 |
Other expense, net | 6.8 | — | 6.8 | — |
(Loss) Earnings before Income Taxes | $ (55.8) | $ 5.0 | $ (97.2) | $ 23.4 |
RECONCILIATION OF NET EARNINGS (LOSS) TO ADJUSTED EBITDA (Unaudited) | ||||
(in millions) | ||||
Quarter Ended June 30, |
Nine Months Ended June 30, |
|||
2014 | 2013 | 2014 | 2013 | |
Net (Loss) Earnings | $ (35.1) | $ 3.4 | $ (55.8) | $ 16.1 |
Income tax (benefit) provision | (20.7) | 1.6 | (41.4) | 7.3 |
Interest expense, net | 57.0 | 19.2 | 123.3 | 60.0 |
Depreciation and amortization, including accelerated depreciation | 42.7 | 21.8 | 93.9 | 54.2 |
Restructuring and plant closure costs | 0.3 | 3.0 | 3.8 | 3.0 |
Non-cash stock-based compensation | 3.6 | 2.5 | 11.0 | 7.9 |
Acquisition related transaction costs | 12.4 | 0.7 | 26.3 | 0.7 |
Integration costs | 2.9 | — | 4.2 | — |
Mark to market adjustments and settlements on interest rate swaps | 6.8 | — | 6.8 | — |
Gain on change in fair value of acquisition earn-out | (2.1) | — | (2.1) | — |
Losses on hedge of purchase price of foreign currency denominated acquisitions | — | — | 13.1 | — |
Legal settlement | — | — | (2.0) | — |
Mark to market adjustments on commodity hedges | 2.0 | 0.5 | 0.5 | 1.3 |
Inventory valuation adjustments on acquired businesses | 17.7 | 0.9 | 25.0 | 1.4 |
Spin-Off costs/post Spin-Off non-recurring costs | 0.3 | 2.4 | 0.6 | 7.6 |
Adjusted EBITDA | $ 87.8 | $ 56.0 | $ 207.2 | $ 159.5 |
Adjusted EBITDA as a percentage of Net Sales | 13.9% | 21.8% | 15.1% | 21.5% |
RECONCILIATION OF SEGMENT PROFIT (LOSS) TO ADJUSTED EBITDA (Unaudited) | |||||||
QUARTER ENDED JUNE 30, 2014 | |||||||
(in millions) | |||||||
Post Foods |
Michael Foods |
Active Nutrition |
Private Brands |
Attune Foods |
Corporate/ Other |
Total |
|
Segment Profit (Loss) | $ 48.2 | $ (12.5) | $ (2.5) | $ 5.9 | $ 2.0 | $ — | $ 41.1 |
General corporate expenses and other | — | — | — | — | — | (30.8) | (30.8) |
Accelerated depreciation on plant closure | — | — | — | — | — | (2.1) | (2.1) |
Restructuring expense | — | — | — | — | — | (0.2) | (0.2) |
Operating Profit | 48.2 | (12.5) | (2.5) | 5.9 | 2.0 | (33.1) | 8.0 |
Depreciation and amortization, including accelerated depreciation | 13.0 | 10.2 | 5.5 | 8.5 | 1.8 | 3.7 | 42.7 |
Restructuring and plant closure costs | — | — | — | — | — | 0.3 | 0.3 |
Non-cash stock-based compensation | — | — | — | — | — | 3.6 | 3.6 |
Acquisition related transaction costs | — | — | 0.1 | — | — | 12.3 | 12.4 |
Integration costs | — | — | — | — | — | 2.9 | 2.9 |
Gain on change in fair value of acquisition earn-out | — | — | — | — | — | (2.1) | (2.1) |
Mark to market adjustments on commodity hedges | — | 1.1 | — | — | — | 0.9 | 2.0 |
Inventory valuation adjustments on acquired businesses | — | 15.8 | 1.9 | — | — | — | 17.7 |
Spin-Off costs/post Spin-Off non-recurring costs | — | — | — | — | — | 0.3 | 0.3 |
Adjusted EBITDA | $ 61.2 | $ 14.6 | $ 5.0 | $ 14.4 | $ 3.8 | $ (11.2) | $ 87.8 |
Adjusted EBITDA as a percentage of Net Sales | 25.7% | 9.7% | 5.8% | 10.7 % | 16.0% | — | 13.9% |
RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited) | |||||||
QUARTER ENDED JUNE 30, 2013 | |||||||
(in millions) | |||||||
Post Foods |
Michael Foods |
Active Nutrition |
Private Brands |
Attune Foods |
Corporate/ Other |
Total |
|
Segment Profit | $ 47.3 | $ — | $ — | $ — | $ 0.2 | $ — | $ 47.5 |
General corporate expenses and other | — | — | — | — | — | (15.5) | (15.5) |
Accelerated depreciation on plant closure | — | — | — | — | — | (4.8) | (4.8) |
Restructuring expense | — | — | — | — | — | (3.0) | (3.0) |
Operating Profit | 47.3 | — | — | — | 0.2 | (23.3) | 24.2 |
Depreciation and amortization, including accelerated depreciation | 15.0 | — | — | — | 0.6 | 6.2 | 21.8 |
Restructuring and plant closure costs | — | — | — | — | — | 3.0 | 3.0 |
Non-cash stock-based compensation | — | — | — | — | — | 2.5 | 2.5 |
Acquisition related transaction costs | — | — | — | — | — | 0.7 | 0.7 |
Mark to market adjustments on commodity hedges | — | — | — | — | — | 0.5 | 0.5 |
Inventory valuation adjustment on acquired business | — | — | — | — | 0.9 | — | 0.9 |
Spin-Off costs/post Spin-Off non-recurring costs | — | — | — | — | — | 2.4 | 2.4 |
Adjusted EBITDA | $ 62.3 | $ — | $ — | $ — | $ 1.7 | $ (8.0) | $ 56.0 |
Adjusted EBITDA as a percentage of Net Sales | 25.3% | — | — | — | 15.7% | — | 21.8% |
RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited) | |||||||
QUARTER ENDED MARCH 31, 2014 | |||||||
(in millions) | |||||||
Post Foods |
Michael Foods |
Active Nutrition |
Private Brands |
Attune Foods |
Corporate/ Other |
Total |
|
Segment Profit | $ 41.7 | $ — | $ 0.2 | $ 0.8 | $ 1.9 | $ — | $ 44.6 |
General corporate expenses and other | — | — | — | — | — | (30.9) | (30.9) |
Losses on hedge of purchase price of foreign currency denominated acquisitions | — | — | — | — | — | (11.8) | (11.8) |
Accelerated depreciation on plant closure | — | — | — | — | — | (2.0) | (2.0) |
Restructuring expense | — | — | — | — | — | (0.2) | (0.2) |
Operating Profit | 41.7 | — | 0.2 | 0.8 | 1.9 | (44.9) | (0.3) |
Depreciation and amortization, including accelerated depreciation | 12.7 | — | 4.3 | 7.3 | 1.7 | 4.1 | 30.1 |
Restructuring and plant closure costs | — | — | — | — | — | 1.3 | 1.3 |
Non-cash stock-based compensation | — | — | — | — | — | 4.0 | 4.0 |
Acquisition related transaction costs | — | — | 0.2 | — | — | 10.3 | 10.5 |
Integration costs | — | — | — | — | — | 1.3 | 1.3 |
Losses on hedge of purchase price of foreign currency denominated acquisitions | — | — | — | — | — | 11.8 | 11.8 |
Legal settlement | — | — | — | — | — | (2.0) | (2.0) |
Mark to market adjustments on commodity hedges | — | — | — | — | — | (0.6) | (0.6) |
Inventory valuation adjustments on acquired businesses | — | — | 2.0 | 5.3 | — | — | 7.3 |
Spin-Off costs/post Spin-Off non-recurring costs | — | — | — | — | — | 0.1 | 0.1 |
Adjusted EBITDA | $ 54.4 | $ — | $ 6.7 | $ 13.4 | $ 3.6 | $ (14.6) | $ 63.5 |
Adjusted EBITDA as a percentage of Net Sales | 22.7% | — | 9.5% | 12.7% | 16.2% | — | 14.5% |
RECONCILIATION OF SEGMENT PROFIT (LOSS) TO ADJUSTED EBITDA (Unaudited) | |||||||
NINE MONTHS ENDED JUNE 30, 2014 | |||||||
(in millions) | |||||||
Post Foods |
Michael Foods |
Active Nutrition |
Private Brands |
Attune Foods |
Corporate/ Other |
Total |
|
Segment Profit (Loss) | $ 136.4 | $ (12.5) | $ 1.9 | $ 6.7 | $ 6.5 | $ — | $ 139.0 |
General corporate expenses and other | — | — | — | — | — | (85.3) | (85.3) |
Losses on hedge of purchase price of foreign currency denominated acquisitions | — | — | — | — | — | (13.1) | (13.1) |
Accelerated depreciation on plant closure | — | — | — | — | — | (6.8) | (6.8) |
Restructuring expense | — | — | — | — | — | (0.9) | (0.9) |
Operating Profit | 136.4 | (12.5) | 1.9 | 6.7 | 6.5 | (106.1) | 32.9 |
Depreciation and amortization, including accelerated depreciation | 38.9 | 10.2 | 11.4 | 15.8 | 5.3 | 12.3 | 93.9 |
Restructuring and plant closure costs | — | — | — | — | — | 3.8 | 3.8 |
Non-cash stock-based compensation | — | — | — | — | — | 11.0 | 11.0 |
Acquisition related transaction costs | — | — | 0.3 | — | — | 26.0 | 26.3 |
Integration costs | — | — | — | — | — | 4.2 | 4.2 |
Gain on change in fair value of acquisition earn-out | — | — | — | — | — | (2.1) | (2.1) |
Losses on hedge of purchase price of foreign currency denominated acquisitions | — | — | — | — | — | 13.1 | 13.1 |
Legal settlement | — | — | — | — | — | (2.0) | (2.0) |
Mark to market adjustments on commodity hedges | — | 1.1 | — | — | — | (0.6) | 0.5 |
Inventory valuation adjustments on acquired businesses | — | 15.8 | 3.9 | 5.3 | — | — | 25.0 |
Spin-Off costs/post Spin-Off non-recurring costs | — | — | — | — | — | 0.6 | 0.6 |
Adjusted EBITDA | $ 175.3 | $ 14.6 | $ 17.5 | $ 27.8 | $ 11.8 | $ (39.8) | $ 207.2 |
Adjusted EBITDA as a percentage of Net Sales | 24.5% | 9.7% | 9.0% | 11.6% | 17.1% | — | 15.1% |
RECONCILIATION OF SEGMENT PROFIT (LOSS) TO ADJUSTED EBITDA (Unaudited) | |||||||
NINE MONTHS ENDED JUNE 30, 2013 | |||||||
(in millions) | |||||||
Post Foods |
Michael Foods |
Active Nutrition |
Private Brands |
Attune Foods |
Corporate/ Other |
Total |
|
Segment Profit (Loss) | $ 139.6 | $ — | $ — | $ — | $ (0.4) | $ — | $ 139.2 |
General corporate expenses and other | — | — | — | — | — | (48.0) | (48.0) |
Accelerated depreciation on plant closure | — | — | — | — | — | (4.8) | (4.8) |
Restructuring expense | — | — | — | — | — | (3.0) | (3.0) |
Operating Profit | 139.6 | — | — | — | (0.4) | (55.8) | 83.4 |
Depreciation and amortization, including accelerated depreciation | 45.0 | — | — | — | 0.7 | 8.5 | 54.2 |
Restructuring and plant closure costs | — | — | — | — | — | 3.0 | 3.0 |
Non-cash stock-based compensation | — | — | — | — | — | 7.9 | 7.9 |
Acquisition related transaction costs | — | — | — | — | — | 0.7 | 0.7 |
Mark to market adjustments on commodity hedges | — | — | — | — | — | 1.3 | 1.3 |
Inventory valuation adjustment on acquired business | — | — | — | — | 1.4 | — | 1.4 |
Spin-Off costs/post Spin-Off non-recurring costs | — | — | — | — | — | 7.6 | 7.6 |
Adjusted EBITDA | $ 184.6 | $ — | $ — | $ — | $ 1.7 | $ (26.8) | $ 159.5 |
Adjusted EBITDA as a percentage of Net Sales | 25.3% | — | — | — | 12.5% | — | 21.5% |
RECONCILIATION OF NET EARNINGS (LOSS) AVAILABLE TO COMMON STOCKHOLDERS | ||||
TO ADJUSTED NET EARNINGS (LOSS) AVAILABLE TO COMMON STOCKHOLDERS (Unaudited) | ||||
(in millions, except per share data) | ||||
Quarter Ended June 30, |
Nine Months Ended June 30, |
|||
2014 | 2013 | 2014 | 2013 | |
Net (Loss) Earnings Available to Common Stockholders | $ (39.3) | $ 1.1 | $ (66.9) | $ 13.0 |
Adjustments: | ||||
Restructuring and plant closure costs, including accelerated depreciation | 2.4 | 7.8 | 10.6 | 7.8 |
Acquisition related transaction costs | 12.4 | 0.7 | 26.3 | 0.7 |
Integration costs | 2.9 | — | 4.2 | — |
Mark to market adjustments and settlements on interest rate swaps | 6.8 | — | 6.8 | — |
Gain on change in fair value of acquisition earn-out | (2.1) | — | (2.1) | — |
Losses on hedge of purchase price of foreign currency denominated acquisitions | — | — | 13.1 | — |
Legal settlement | — | — | (2.0) | — |
Mark to market adjustments on commodity hedges | 2.0 | 0.5 | 0.5 | 1.3 |
Inventory valuation adjustments on acquired businesses | 17.7 | 0.9 | 25.0 | 1.4 |
Spin-Off costs/post Spin-Off non-recurring costs | 0.3 | 2.4 | 0.6 | 7.6 |
Total Net Adjustments | 42.4 | 12.3 | 83.0 | 18.8 |
Income tax effect on adjustments | (15.7) | (3.9) | (35.4) | (6.0) |
Adjusted Net (Loss) Earnings Available to Common Stockholders | $ (12.6) | $ 9.5 | $ (19.3) | $ 25.8 |
Weighted-Average Shares Outstanding – Diluted | 42.6 | 33.2 | 36.3 | 32.9 |
Adjusted Diluted (Loss) Earnings per Common Share | $ (0.30) | $ 0.29 | $ (0.53) | $ 0.78 |