Kellanova Company: Reports 2024 First Quarter Results

Chicago / IL. (knc) Kellanova announced results for its first quarter of 2024, and reaffirmed its full-year outlook. Highlights:

  • While net sales in the first quarter were negatively impacted by adverse currency translation and the 2023 divestiture of its business in Russia, the Company’s organic-basis growth remained at the upper end of its long-term target range.
  • Double-digit operating profit growth was sustained, as the Company continued to restore profit margins faster than expected.
  • Earnings per share again increased at a double-digit rate, reflecting the higher operating profit.
  • The Company again reaffirmed its 2024 guidance, calling for net sales and operating profit growth rates that align with its long-term targets, and unchanged absolute-dollar guidance for adjusted-basis operating profit, adjusted-basis earnings per share, net cash provided by operating activities, and free cash flow.
«We delivered another strong financial performance in the first quarter, marked by improving profit margins and tangible signs that this year’s return to full commercial activity is taking hold in the marketplace and beginning to restore volume and share,» said Steve Cahillane, Chairman, President and Chief Executive Officer. «Our ability to deliver these kinds of results amidst challenging macroeconomic and industry conditions is a testament to the more growth-oriented and more profitable portfolio of Kellanova after the spin-off, as well as the talent and determination of our employees who wake up every day intent on delivering results and creating shareowner value.»

For additional information please read the Company’s PDF file below (152 KB):