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Jun 29, 2024
Kellogg's Q2 2024 Earnings Report
WK Kellogg Co's second quarter results were announced, revealing a slight year-over-year decline in net sales but an increase in net income, alongside updates to its supply chain modernization plan.
Key Takeaways
WK Kellogg Co reported a 3.9% decline in reported net sales and a 2.7% decline in adjusted net sales year-over-year. Reported net income increased by 14.8%, while adjusted EBITDA decreased by 11.4%. The company reaffirmed its 2024 adjusted net sales and adjusted EBITDA guidance, expecting net sales to be at the lower end of the range. Additionally, WK Kellogg Co announced further details of its supply chain modernization plan.
Net sales declined by 3.9% year-over-year.
Net income increased by 14.8% year-over-year.
Adjusted EBITDA decreased by 11.4% year-over-year.
Company reaffirms 2024 adjusted net sales and adjusted EBITDA guidance.
Kellogg's
Kellogg's
Forward Guidance
WK Kellogg Co reaffirms the 2024 financial guidance provided on its fourth quarter 2023 earnings call and now expects 2024 adjusted net sales to be at the lower end of the guidance range.
Positive Outlook
- 2024 Adjusted Net Sales growth is projected to be (1.0)% to 1.0%
- 2024 Adjusted EBITDA growth is projected to be 3.0% to 5.0%