BellRing Brands, Inc. (NYSE:BRBR) disclosed its financial results for FY2023, reporting a remarkable climb in net sales to $1.66 billion, marking a 21% increase from the previous year. This growth was primarily fueled by a 12% improvement in price/mix and a 9% rise in volume. The fourth quarter played a significant role, with net sales jumping 25% to nearly $473 million, attributed to a nearly 20% boost in volume and more than a 5% increase in price/mix.
The company's operating profit for the fiscal year also saw a substantial rise of 35%, reaching $287 million. In the fourth quarter alone, operating profit grew by nearly 28%, totaling $78.1 million. Net earnings available to common stockholders more than doubled over the year, surpassing $165 million, an increase of over 100%, with fourth-quarter earnings up by 37% at $46.1 million. Adjusted EBITDA followed suit, growing by nearly 25% throughout the year.
Operational cash flow remained robust, generating over $215 million against total assets of $691.6 million, which included cash equivalents of $48.4 million. This was despite facing total liabilities of over $1 billion, resulting in a stockholders' deficit of $323.5 million.
CEO Darcy H Davenport attributed this strong performance to the expanded market presence of Premier Protein through distribution gains and promotional efforts, as well as Dymatize's growing consumer base. Looking ahead into FY2024, Davenport projected optimistic growth with net sales expected to reach between $1.83 billion and $1.91 billion and Adjusted EBITDA estimated between $360 million and $390 million, signaling potential increases of up to 15% compared to FY2023 figures.
InvestingPro Insights
BellRing Brands has been showing promising signs, according to InvestingPro's real-time data and tips. The company's revenue growth has been accelerating, and it has been consistently increasing its earnings per share. These are two key InvestingPro Tips that are particularly relevant to the recent financial results disclosed by the company.
InvestingPro's real-time data further supports this positive outlook. The company's market cap stands at a substantial 5970M USD. The P/E Ratio, a key indicator of market expectations about future earnings growth, is 39.67, pointing to investor confidence. The revenue for the last twelve months as of Q3 2023 is 1573.4M USD, demonstrating a significant growth of 18.1%.
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