WK Kellogg Co KLG shares are trading higher on Tuesday.
The company reported fourth-quarter net sales of $651 million, beating the street view of $645.87 million. Revenue fell 3.7% year over year.
The decline in net sales performance in the fourth quarter was due to price elasticities and lower promotional spending.
For the fourth quarter, price/mix increased 7.5%, and volume was down 10.1%.
The company reported earnings per share of 18 cents, missing the consensus of 21 cents.
The fourth quarter’s reported net income was $15 million, a 109.9% increase year-over-year.
Quarterly standalone adjusted EBITDA was $53 million, a 43.2% increase year-over-year. These increases reflect the benefits of revenue growth management initiatives and operational cost discipline.
Outlook: WK Kellogg raised adjusted EBITDA guidance in the range of $265 million-$270 million (prior outlook: $255 million-$265 million)
The company’s 2024 adjusted net sales growth is projected to be (1.0)% to 1.0%. The company now sees 2024 adjusted EBITDA growth of 3% to 5%.
Price Action: KLG shares are trading higher by 12.2% to $14.15 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
