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.
Apple’s Rumored iPhone ‘Ultra’ Plan, Bill Gates’ Dig At Elon Musk, Turkey’s Massive Earthquake And More: 5 Key Stories You May Have Missed From The Weekend
It was hardly a slow-news weekend as the U.S. took some coercive action on the Chinese spy balloon hovering in its airspace, and Turkey and Syria suffered a horrendous earthquake that claimed hundreds of lives. On the business side of things, Apple Inc.
