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 decreased by 4% compared to the prior year, reaching $3.083 billion, primarily due to unfavorable foreign currency impacts. However, organic net sales, excluding foreign currency effects, increased by 1%.
Operating profit increased to $430 million, a 9% increase compared to the previous year, mainly due to the absence of network optimization costs incurred in the prior year. Currency-neutral adjusted operating profit decreased 11% after excluding mark-to-market adjustments, merger costs, network optimization costs, separation costs, and foreign currency.
Reported diluted EPS increased to $0.87, a 12% increase compared to the prior year, driven by higher operating profit and a lower effective tax rate. Currency-neutral adjusted diluted EPS decreased 7.9% after excluding various adjustments.