Kellanova Q4 Adj. Profit Rises; Affirms 2024 Financial Outlook

(RTTNews) - Kellanova (K) reported fourth quarter net income from continuing operations of $58 million compared to a loss of $28 million, prior year. Reported profit per share from continuing operations was $0.16 compared to a loss of $0.08. Adjusted operating profit was $392 million, an increase of 30% on a currency-neutral basis. Adjusted earnings per share was $0.78, compared to $0.64, last year. Currency-neutral adjusted EPS from continuing operations was $0.76 compared to $0.64. On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $0.74, for the quarter. Analysts' estimates typically exclude special items.

Fourth quarter net sales were $3.17 billion, compared to $3.16 billion, last year. Organic net sales were $3.35 billion, up 7% on an organic basis. Analysts on average had estimated $3.08 billion in revenue.

Looking forward, the company affirmed its 2024 guidance.

Shares of Kellanova are up 2% in pre-market trade on Thursday.

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