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Kellogg stock gains on Q1 revenue beat

EditorRachael Rajan
Published 07/05/2024, 10:28 pm
© Reuters.
KLG
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BATTLE CREEK, Mich. - WK Kellogg (NYSE:K) Co (NYSE: KLG) reported its first-quarter earnings, matching analyst expectations for adjusted earnings per share (EPS) and surpassing revenue estimates.

The company announced an adjusted EPS of $0.37, which was in line with the consensus estimate. Revenue for the quarter was notably higher, coming in at $707 million against the anticipated $695.26 million, marking a revenue beat that propelled the stock price up by 1.49%.

WK Kellogg Co also reaffirmed its 2024 financial guidance, which was initially provided during the fourth-quarter 2023 earnings call. The company's adjusted net sales growth for 2024 is projected to range between a decrease of 1.0% and an increase of 1.0%. Adjusted EBITDA is expected to grow between 3.0% and 5.0%. This guidance reflects the company's steady outlook and commitment to delivering consistent financial performance.

The company's CEO commented on the results, stating, "Our first-quarter performance reflects the strength of our brand portfolio and our team's ability to execute our strategic initiatives effectively. We are pleased with our start to the year and remain focused on driving sustainable growth."

WK Kellogg Co's financial health and strategic direction appear to be in alignment with market expectations, as evidenced by the reaffirmed guidance and the positive market reaction. Despite the challenges in the global food industry, the company's ability to meet analyst estimates and provide a stable financial outlook suggests a resilient business model and effective management.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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