Post Holdings, Inc.

Welcome to the postholding third quarter 2020 . At this time, all participants have been placed on a listen-only mode, and the floor will be open for questions following the presentation. If you would like to ask a question at that time, please press star 1 on your telephone keypad. If at any point your question has been answered, you may remove yourself from the queue by pressing star 2. So others can hear your questions clearly, we do ask that you please pick up your handset for best sound quality. And lastly, should you require operator assistance, please press star zero. I would now like to turn the call over to Daniel O'Rourke, Investor Relations for Post.

Good morning. Thank you for joining us today for Post's third quarter fiscal 2024 earnings call. I'm joined this morning by Rob Vitale, our president and CEO, Jeff Zadix, our COO, and Matt Maynor, our CFO and treasurer. Rob, Jeff, and Matt will make prepared remarks and afterwards we'll answer your questions. The press release that supports these remarks is posted on both the investors and the SEC filing sections of our website and is also available on the SEC's website. As a reminder, this call is being recorded and an audio replay will be available on our website at postholdings.com. 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. This call will discuss certain non-GAAP measures. For 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.

Thank you, Daniel. In Q3, we delivered another quite solid quarter. That enabled us to increase our full-year guidance. While never fully satisfied, we are quite pleased with the business performance, including recent acquisitions. I'm certain you noticed we have been aggressive in purchasing our own shares. The solid performance is against the challenging and transitioning consumer environment. Inflation is cooling, but so are labor markets. Meanwhile, rapid cumulative change in pricing over the last couple of years has impacted consumer behavior across channels. We expect to work through this reference price phenomenon in both retail and food service channels over the next year. Key highlights of the quarter include strong consumption of both our branded and private label cereal products, Ongoing outperformance in our pet business versus our underwriting case. Significant mix improvement in value-added eggs. We expect these highlights to be sustained in FY25. On the other side of the ledger, our refrigerator retail segment underperformed as trade investment cannibalized base volume without sufficient incremental lift. We are addressing the appropriate level of trade spending. Looking ahead to 25, we expect a more stable consumer environment, which, along with lapping 24, will support more favorable volume trends. The capital markets and the M&A market support further strategic action. Our leverage is at historically low levels, and we will tend to be reactive with capital allocation. Our business model and our diversification enable us to adapt to changing conditions, and we will remain clear-eyed as we consider the best allocation of your capital. Now Jeff will provide more context on the quarter.