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Mar 30, 2024
Kellogg's Q1 2024 Earnings Report
Announced first quarter financial results and reaffirmed 2024 guidance.
Key Takeaways
WK Kellogg Co reported first quarter net sales of $707 million, a decrease of 1.9% year-over-year. Net income grew 37.5% to $33 million, resulting in a net income margin of 4.7%. The company reaffirmed its 2024 adjusted net sales and adjusted EBITDA guidance.
Reported net sales decreased 1.9% year-over-year to $707 million.
Adjusted net sales decreased 0.8% year-over-year on a standalone basis to $707 million.
Reported net income grew 37.5% year-over-year to $33 million, resulting in a reported net income margin of 4.7%.
Adjusted EBITDA grew 13.6% year-over-year on a standalone basis to $75 million, resulting in an adjusted EBITDA margin of 10.6%.
Forward Guidance
WK Kellogg Co reaffirmed the 2024 financial guidance provided on our fourth quarter 2023 earnings call. 2024 Adjusted Net Sales growth is projected to be (1.0)% to 1.0% and 2024 Adjusted EBITDA growth is projected to be 3.0% to 5.0%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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