Strong Overall Financial Performance
The company generated approximately $1 billion in free cash flow over the past two years, with adjusted EBITDA growing by 45%.
Successful Pet Segment Performance
Pet business performed at over 2x the acquisition case, and the segment's consumption volumes were down only 2% against a flat category.
Foodservice Growth
Foodservice net sales increased by 5% with volumes up 4%, driven by distribution gains in eggs and potatoes.
Weetabix EBITDA Growth
Weetabix segment adjusted EBITDA increased by 30%, aided by lower advertising and trade spend.
Debt Management and Share Repurchase
Issued $1.8 billion in debt to extend bond maturities to 2034 and repurchased 3 million shares at an average price of $102.