WK Kellogg Co., Kellanova provide 2024 guidance

Kellanova will feature a growth-oriented portfolio that is weighted toward snacks and emerging markets, and will be led by highly differentiated brands with considerable opportunity for expansion. It is projected to generate net sales of approximately $13.4B-$13.6B and adjusted-basis EBITDA of approximately $2.25B-$2.3B in 2024. Kellanova expects to deliver long-term annual growth rates of 3-5% for net sales (organic basis), 5-7% for operating profit (currency neutral and adjusted basis), and 7-9% for earnings per share (currency neutral and adjusted basis), including in 2024 on a like-for-like basis excluding WK Kellogg Co. “We are looking forward to a new era as Kellanova, marked by a more growth-oriented portfolio, a renewed vision and strategy, and an energized organization grounded by a winning culture and our founder’s values,” said Cahillane, who will remain Chairman and CEO of Kellanova. “These elements build on what has already been a track record of strong and consistent financial performance for the Kellanova portfolio.” Building on a foundation of iconic brands and a leading share position in North American cereal, WK Kellogg Co will focus and integrate its commercial strategy and execution, while modernizing its supply chain, all of which it expects will result in improved competitiveness, profitability, and cash flow. WK Kellogg Co projects net sales of approximately $2.7B and adjusted-basis EBITDA of approximately $255M-$265M in 2024. It expects to improve its adjusted-basis EBITDA margins by 500 basis points by the end of 2026, through supply chain modernization and a stable top-line trajectory.