Kellanova Reaffirms its Financial Guidance for the Full Year 2024 The Company again reaffirmed the financial guidance for 2024 that it had first provided in August, 2023, at its Day@K investor event. Despite adverse movements in foreign exchange rates and industry-wide volume pressures since then, the Company is confident in its strengthened commercial plans and initiatives to improve profit margins. Specifically, the Company projects: • Organic-basis net sales growth of approximately 3% or better against a recast 2023, which remains within the Company’s long-term target range, and will continue to be led by the Company’s priority snacks brands and emerging markets. This is unchanged from previous guidance. • Adjusted-basis operating profit of approximately $1,850-1,900 million, which is unchanged from previous guidance, as underlying sales and margin performance offsets the impact of worsened foreign currency translation, and incremental investment in brands and capabilities. • Adjusted-basis earnings per share of approximately $3.55-3.65, which is unchanged from previous guidance. • Net cash provided by operating activities of approximately $1.7 billion, with capital expenditure of about $0.7 billion, which is elevated this year for the expansion of Pringles capacity in emerging markets. As a result, free cash flow is expected to be approximately $1.0 billion, an estimate that is unchanged from previous guidance.
Craig-Hallum Maintains Buy on Ambarella, Raises Price Target to $120
Craig-Hallum analyst Richard Shannon maintains Ambarella (NASDAQ:AMBA) with a Buy and raises the price target from $90 to $120.
