Froot Loops maker WK Kellogg beats revenue estimates on higher prices [Reuters]
Kellanova (K)
Last kellanova earnings: 4/30 08:00 am
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Source: Reuters
pressure from slowing demand for the Froot Loops maker's ready-to-eat breakfast items and snacks. Like other major brands in the packaged food market, the spun-off North American cereal business of Kellanova has been ramping up prices to shield its margins from an inflation-induced slowdown in consumer spending. Its pricing rose by 6.3% in the reported quarter, driving volumes down 7%. had also posted better-than-expected quarterly sales and profit last week and maintained the 2024 forecast provided in August. WK Kellogg reported sales of $707 million for the first quarter ended March 30, above analysts' average estimate of $697.8 million, according to LSEG data. The Apple Jacks cereal maker also reaffirmed its annual adjusted net sales growth range forecast at down 1% to up 1%. It reported a net income of $33 million, or 37 cents per share, from $24 million, or 28 cents per share, a year earlier. Analysts were expecting a profit of 38 cents. Coming soon: Get the latest
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