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Investing.com -- Kellanova reported better-than-expected earnings for the fourth quarter of fiscal 2024, although its gross margins missed analyst estimates.
The company’s shares traded flat in premarket trading Thursday.
The owner of Pringles and Pop-Tarts posted Q4 earnings per share (EPS) of $0.92, topping analyst expectations of $0.83. Revenue for the quarter totaled $3.12 billion, just above the consensus estimate of $3.11 billion.
Organic net sales totaled $3.40 billion, while adjusted operating profit came in at $448 million, surpassing the estimated $428.2 million. Adjusted gross margin stood at 34.1%, falling short of the projected 34.9%.
"A more growth-oriented portfolio and solid execution by our entire organization once again contributed to stand-out quarterly performance, as we concluded our first full year as Kellanova,” commented Steve Cahillane, Kellanova’s Chairman, President, and CEO.
“Led by our strong emerging markets presence, we sustained better-than-expected top-line growth amidst challenging industry conditions, and we improved our profit margins faster than we had anticipated. We also embarked on an exciting next phase, as we prepare to combine with Mars.”