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Sep 30, 2023
Kellogg's Q3 2023 Earnings Report
WK Kellogg Co reported a net sales decline of 2% and a net income increase of 83% compared to the previous year.
Key Takeaways
WK Kellogg Co's third quarter results showed a slight decline in net sales but a significant increase in net income. The company reaffirms its 2024 financial outlook, reflecting confidence in its strategy and financial position as a standalone entity.
Reaffirmed 2024 financial outlook, demonstrating confidence in future performance.
Year-to-date net sales growth of 5% driven by revenue growth management and recovery from disruptions.
Year-to-date net income reached $95 million, with a standalone adjusted EBITDA margin of 9.9%.
Strategic focus and operational flexibility as a standalone company expected to unlock profitable growth.
Forward Guidance
WK Kellogg Co is providing 2023 guidance slightly ahead of the outlook provided at Investor Day and is reaffirming the 2024 financial outlook. Adjusted Net Sales growth to be approximately flat versus 2023 Adjusted Net Sales.
Positive Outlook
- 2023 Standalone Adjusted Net Sales in the range of $2,720 million to $2,740 million
- 2023 Standalone Adjusted EBITDA margin in the range of 9.1% to 9.2%
- 2024 Adjusted EBITDA to be in the range of $255 million to $265 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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