WK Kellogg Co KLG reported a first-quarter FY24 sales decline of 1.9% year-on-year to $707 million, beating the analyst consensus estimate of $697.792 million.
Gross profit increased 12.7% to $203 million, with the margin expanding from 25% to 28.7%.
Operating income for the quarter jumped 91.6% to $46 million, with an operating margin of 6.5%.
Adjusted EBITDA increased 8.7% Y/Y to $75 million, and the standalone adjusted EBITDA margin expanded 130 basis points to 10.6%.
The company’s EPS for the quarter was $0.37, beating the consensus estimate of $0.34.
The company held $70 million in cash and equivalents as of March 30. Net debt totaled $424 million.
“Our strategy is clear, our integrated and engaged team is working end-to-end, and we are pleased with our progress as we continue to execute our strategic priorities,” said Gary Pilnick, Chairman and Chief Executive Officer of WK Kellogg.
Outlook Reaffirmed: WK Kellogg sees FY24 adjusted net sales growth of -1% to +1%. The company sees FY24 adjusted EBITDA growth of 3% to 5% to $265 million to $270 million.
Price Action: KLG shares are trading lower by 2.55% at $22.94 at the last check Tuesday.
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