Sector: Consumer Staples|Industry: Packaged Foods|Market Cap: $27.99B|Employees: 23K
Kellanova, formerly Kellogg Company, is engaged in the manufacturing and marketing of snacks and convenience foods. The company's primary revenue streams come from the sales of snacks like crackers, savory snacks, and toaster pastries, as well as convenience foods such as ready-to-eat cereals and frozen waffles. Kellanova has a strong global presence with manufacturing in 21 countries and marketing in more than 180 countries.
Reported net sales for the quarter ended June 29, 2024, were $3,192 million, a 5% decrease compared to $3,351 million in the prior year. This decline was attributed to unfavorable foreign currency impacts and the divestiture of the Russian business, offsetting gains from increased price/mix.
Despite the overall net sales decline, organic net sales (excluding foreign currency and divestitures) increased by 4% year-over-year. This suggests that the company's core business is growing, but the growth is masked by external factors.
Reported diluted EPS for the quarter was $1.00, up from $0.85 in the prior year, primarily due to higher operating profit and increased other income. This indicates improved profitability despite the top-line challenges.