Kellanova (NYSE:K) Stock

Kellanova

Kellogg

Following its split from the North American cereal business in October 2023, Kellanova (previously the global snacking arm of Kellogg) has operated as a leading global manufacturer and marketer of salty snacks, snack bars, frozen breakfast fare, meat alternatives, and other packaged foods. Its offerings are manufactured in around 20 countries and marketed in over 180. Its product mix includes well-known brands such as Pringles, Cheez-It, Rice Krispies Treats, Pop-Tarts, Eggo, Nutri-Grain, and Morningstar Farms. Sales beyond its home turf account for about nearly two thirds of Kellanova's consolidated sales base. Mars is slated to acquire the recently independent business in a nearly $36 billion deal in the first half of calendar 2025.

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Citigroup analyst Thomas Palmer reinstates Kellanova (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/K#NYSE">K</a>) with a Neutral and announces $83.5 price target.

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Citigroup Reinstates Neutral on Kellanova, Announces $83.5 Price Target

Earnings

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Earnings Scheduled For May 6, 2025

Kellanova (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/K#NYSE">K</a>) reported a <a href="https://www.benzinga.com/pressreleases/25/05/n45132197/kellanova-reports-2025-first-quarter-results">first-quarter FY24 sales decline </a>of 3.6% year-on-year to $3.08 billion, missing the analyst consensus estimate of $3.18 billion.
While net sales were impacted by negative currency translation and widespread category softness, the Company sustained growth on an organic basis, led again by its emerging markets. Adjusted EPS of $0.90 <a href="https://www.benzinga.com/earnings">missed the consensus</a> estimate of $1.01.
North America's sales<a href="https://s203.q4cdn.com/897568180/files/doc_financials/2025/q1/K-Q1-2025-RESULTS.pdf"> recorded a 4% decline</a>, Europe fell 3%, Latin America's sales plunged 15%, and Asia Pacific, Middle East and Africa's (AMEA) sales increased by 3%.
Also Read: <a href="https://www.benzinga.com/analyst-ratings/downgrades/25/04/45117074/starbucks-faces-brand-margin-headwinds-as-analysts-react-to-disappointing-q2">Starbucks Faces Brand, Margin Headwinds As Analysts React To Disappointing Q2</a>
Selling, general&nbsp;and&nbsp;administrative expenses fell 1.4% Y/Y at $629 million. Operating margin was 13.9%, and operating income for the quarter increased 9.4% to $430 million.
The company's reported gross margin expanded 210 basis points to 34.3%, while the adjusted gross margin contracted 80 basis points to 34.9%.
The company held $330 million in cash and equivalents as of March 29 and generated an operating cash flow of $116 million year-to-date.
Mars acquisition of Kellanova for $83.50 per share in cash is expected to close in the first half of 2025.
"Our organization demonstrated focus and determination in managing through what is undeniably an uncertain macroeconomic and industry environment,&#8221; said Steve Cahillane, chairman, president and CEO.
&#8220;We delivered against our budget in the quarter, led by our emerging markets, and we are encouraged by our improvement in category share performance in key markets around the world. Meanwhile, we are planning contingencies and taking action for managing through continued global economic uncertainty, even as we prepare for our next chapter as part of a global snacking powerhouse with Mars.&#8221;
Price Action: K shares traded lower by 0.17% at $82.63 at last check on Thursday.
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Photo: Shutterstock

General

Kellanova Misses Q1 Revenue And Earnings Estimates Due To Weak Global Demand And Currency Pressure

Kellanova (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/K#NYSE">K</a>) reported quarterly earnings of $0.90 per share which missed the analyst consensus estimate of $1.01 by 10.89 percent. This is a 10.89 percent decrease over earnings of $1.01 per share from the same period last year. The company reported quarterly sales of $3.08 billion which missed the analyst consensus estimate of $3.18 billion by 3.02 percent. This is a 3.66 percent decrease over sales of $3.20 billion the same period last year.

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