By Roshan Fernandez
WK Kellogg posted stronger-than-expected quarterly sales and raised its outlook for a key earnings metric, boosting its shares.
Stock in the maker of Frosted Flakes and Froot Loops cereals jumped more than 10% in premarket trading Thursday.
WK Kellogg was formerly part of Kellogg Co., which split up last year, separating the cereal business from a snack company that was named Kellanova.
More details on WK Kellogg's results:
-- The company lifted its adjusted EBITDA growth range to 5% to 6%, up from 3% to 5% for the current fiscal year. The earnings measure strips out interest, tax, accounting charges and some one-time costs.
-- Third-quarter sales totaled $689 million, down from $692 million a year earlier. Analysts polled by FactSet had projected $674 million.
-- The company made a net loss of $11 million, and WK Kellogg said it is continuing to modernize its supply chain. A year earlier it earned a profit of $42 million.
-- On an adjusted basis, profit came in at 31 cents a share, higher than analysts had expected.
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(END) Dow Jones Newswires
November 07, 2024 09:25 ET (14:25 GMT)
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