Chicago / IL. (knc) Kellanova announced third quarter 2023 results for what was then Kellogg Company, and provided an outlook for the fourth quarter, its initial period as Kellanova following its October 2nd spin-off of its North America cereal business. Highlights of Q3-2023:
- Net sales in the third quarter were held flat by adverse currency translation and the divestiture of its business in Russia, and 4 percent organic-basis growth remained within the Company’s long-term target range.
- Double-digit operating profit growth was sustained, as the Company continued to restore gross profit margin faster than expected around the world.
- The Company’s year-to-date performance in net sales, operating profit, earnings per share, and free cash flow is ahead of pace for the full-year guidance previously provided for Kellogg Company.
- On October 2nd, subsequent to the end of the third quarter, the Company completed the spin-off of WK Kellogg Co, renaming itself Kellanova and embarking on a new era with a more growth-oriented portfolio, a refreshed strategy, and higher long-term financial targets.
- Guidance for the fourth quarter, the Company’s first as stand-alone Kellanova, includes net sales and operating profit that are expected to grow in line with targeted long-term growth rates excluding the estimated impacts of the spin-off, as well as the Russia divestiture and foreign currency translation.
For additional information please read the Company’s PDF file below (224 KB):20231108-KELLANOVA-Q3-2023