Post Holdings Inc POST disclosed information about avian influenza incidents at two of Michael Foods' third-party contracted egg-laying facilities and updated its FY24 outlook.
The company stated that Michael Foods' third-party contracted egg-laying flocks in Iowa and Ohio have tested positive for avian influenza.
The facilities have around 4.2 million egg-laying hens (about 10% of Post's controlled supply, including owned and third-party contracted farms).
The company expects the financial impact from avian influenza incident will be within the tolerances of the guidance range.
FY24 Outlook: The company raised the guidance for adjusted EBITDA to $1.22 billion -$1.28 billion (prior view $1.20 billion-$1.26 billion).
The updated guidance reflects 10 months of contribution from the previously announced acquisition of Perfection Pet Foods, LLC, which was completed on December 1, 2023.
The updated guidance range does not incorporate a significant expansion of avian influenza within Post's network, the impact of which is uncertain.
Price Action: POST shares closed higher by 0.73% at $88.06 on Thursday.
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