Kellanova misses profit estimates in Q2, halts guidance amid Mars merger
Investing.com -- Kellanova (NYSE:K) shares fell slightly in premarket trading Thursday after the company reported second-quarter earnings that missed analyst expectations.
The parent company of Pringles and Cheez-It posted adjusted earnings per share (EPS) of $0.94, falling short of analysts’ expectations of $1.
Net sales for the three-month period came in at $3.2 billion, roughly in line with the $3.19 billion consensus estimate.
Adjusted operating profit declined 5% year-over-year to $477 million.
“It is a testament to the strength of our people, portfolio, and plans that we continue to manage effectively through challenging business conditions," said Steve Cahillane, Kellanova’s Chairman, President, and CEO.
"While demand softness in most of our categories did not improve as much as we had hoped, we delivered earnings above our expectations in Q2, thanks to our innovation, commercial and operational execution, and emerging markets growth, notably noodles in Africa."
"We plan to continue to lean into focused execution in the second half, even as we continue to work toward closing the Mars transaction and embarking on an exciting next chapter," he added.
The company said it will not provide forward-looking guidance due to its pending merger with Mars.
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