Kellanova (NYSE:K) shares are trading relatively flat on Thursday.
The company reported fourth quarter adjusted earnings per share of 92 cents, beating the street view of 83 cents.
Quarterly sales of $3.12 billion (down 1.6%) outpaced the analyst consensus estimate of $3.10 billion. Organic net sales rose 7% year over year to $3.396 billion.
Kellanova North America’s net sales fell 2%, impacted by price/mix and currency, but offset by volume growth. Europe also saw a 2% decrease, due to currency and lower volume, despite price/mix growth.
Latin America’s fourth quarter net sales dropped 8% from currency impacts, partially offset by price/mix growth. AMEA’s net sales increased by 2%.
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Organic net sales growth was driven by strong performance in emerging markets. Developed markets showed improvement in volume and sales, despite slower-than-expected demand recovery.
“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 Chief Executive Officer.
Adjusted operating profit increased by 20%, excluding currency translation. The company exited the quarter with cash and equivalents worth $694 million and inventories worth 1.165 billion.
Long-term debt at the end of the quarter totaled $4.998 billion. Kellanova did not provide forward-looking guidance due to its pending merger with Mars, Incorporated.
Price Action: K shares are trading higher by 0.12% to $81.96 at last check Thursday.
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