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NEW YORK - Kellanova (NYSE:K), formerly known as Kellogg Company, reported first quarter earnings and revenue that fell short of analyst expectations on Thursday. The company’s shares were relatively unchanged in early trading, up just 0.10%.
Kellanova posted adjusted earnings per share of $0.90 for the first quarter, missing the analyst consensus estimate of $1.01 by $0.11. Revenue came in at $3.08 billion, below the $3.18 billion analysts had projected. Compared to the same quarter last year, revenue decreased by 2.5%.
Despite the earnings miss, Kellanova’s CEO Steve Cahillane remained optimistic about the company’s performance. "We delivered strong top-line growth in the quarter, led by our emerging markets and snacks businesses," Cahillane stated in the earnings release.
The company did not provide specific guidance for the upcoming quarter or full fiscal year in the information provided. Without forward-looking projections to assess, investors appear to be taking a wait-and-see approach, as reflected in the minimal stock price movement following the earnings announcement.
Kellanova’s first quarter results suggest the company faced some headwinds in meeting market expectations. However, the flat stock price indicates investors may be looking for more information before making significant moves based on this earnings report.
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