Kellanova announced strong first quarter results, marked by improving profit margins and signs of commercial activity restoring volume and share, while reaffirming its full-year outlook.
Net sales were negatively impacted by currency translation and the 2023 divestiture in Russia, but 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 reaffirmed its 2024 guidance, calling for net sales and operating profit growth rates that align with its long-term targets.
The Company again reaffirmed the financial guidance for 2024 that it had first provided in August, 2023, at its Day@K investor event. Despite adverse movements in foreign exchange rates and industry-wide volume pressures since then, the Company is confident in its strengthened commercial plans and initiatives to improve profit margins.
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