Why Food Giant Kellanova Shares Are Surging Today

Kellanova Co (NYSE:K) shares are trading higher after the company reported fourth-quarter 2023 results.

Reported net sales rose 0.3% year-on-year to $3.17 billion, beating the analyst consensus estimate of $3.08 billion. Organic sales increased 6.9% Y/Y.

Net sales benefited from positive price/mix in all four regions, offsetting the impacts of adverse foreign currency translation, elasticity on volume, and divestment of Russian business.

North America’s sales decreased by 0.8%, Europe grew by 9.3%, Latin America’s sales gained by 13.9%, and Asia Pacific, Middle East, and Africa’s (AMEA) sales fell by 9.9%.

The company’s adjusted gross profit rose to $1.08 billion from $982 million a year ago. Adjusted EPS of $0.78 

Full story available on Benzinga.com