Kellanova: Reports 2023 Fourth Quarter Results

Chicago / IL. (knc) Kellanova announced Q4 and FY-2023 results and affirmed its outlook 2024. Highlights:

  • The Company began the fourth quarter with the transformational spin-off of its North American cereal business, which it executed successfully from a transactional, financial, and operational perspective.
  • The quarter’s results for net sales, operating profit, and earnings per share exceeded the guidance ranges previously provided.
  • Against a prior-year period recast for the spin-off businesses as discontinued operations, net sales in the fourth quarter increased year on year, reflecting revenue growth management actions and sustained momentum in emerging markets.
  • Operating profit and earnings per share also increased against the recast prior-year period, as the Company also continued to restore underlying profit margins, with reimbursements covering expenses related to transition services provided to WK Kellogg Co.
  • The Company affirmed the 2024 guidance provided at its Day@K investor event last August, 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.

«To execute the spin-off while delivering solid results amidst challenging industry conditions is a testament to the dedication and focus of our employees,» said Steve Cahillane, Kellanova’s Chairman, President and Chief Executive Officer. «We have entered the Kellanova era with a more growth-oriented portfolio, a sharpened strategy, and higher profit margins. And financially, we have delivered our debut quarter in strong fashion, with financial flexibility and a 2024 plan that is expected to sustain consistent delivery of our newly increased long-term financial algorithm.»

For additional information please read the Company’s PDF file below (213 KB):