K - Kellanova (K) Q1 2024 Earnings Call Transcript
2024-05-02 14:11:02 ET
Kellanova (K)
Q1 2024 Earnings Conference Call
May 02, 2024, 09:30 AM ET
Company Participants
John Renwick - VP of IR and Corporate Planning
Steve Cahillane - Chairman, President and CEO
Amit Banati - Vice Chairman and CFO
Conference Call Participants
Ken Goldman - JPMorgan
Max Gumport - BNP Paribas
Alexia Howard - Bernstein
Tom Palmer - Citi
Andrew Lazar - Barclays
Michael Lavery - Piper Sandler
David Palmer - Evercore ISI
Steve Powers - Deutsche Bank
Presentation
Operator
Good morning. Welcome to Kellanova's First Quarter 2024 Earnings Call. [Operator Instructions]
At this time, I would like to turn the call over to John Renwick, Vice President of Investor Relations and Corporate Planning for Kellanova. Mr. Renwick, you may begin your conference call.
John Renwick
Thank you, operator. Good morning, everyone, and thank you for joining us today for a review of our first quarter results as well as an update on our outlook for 2024. I'm joined this morning by Steve Cahillane, our Chairman, President and Chief Executive Officer; and Amit Banati, our Vice Chairman and Chief Financial Officer.
Slide 3 shows our forward-looking statements disclaimer. As you are aware, certain statements made today such as projections for Kellanova's future performance are forward-looking statements. Actual results could be materially different from those projected. For further information concerning factors that could cause these results to differ, please refer to the third slide of this presentation as well as to our public SEC filings. A recording of today's webcast and supporting documents will be archived for at least 90 days on the investor page of www.kellanova.com.
As always, when referring to our results and outlook, unless otherwise noted, we will be referring to them on an organic basis for net sales and on a currency-neutral adjusted basis for operating profit and earnings per share. Also, remember that our 2023 results have been recast to treat the spun-off WK Kellogg Co. as a discontinued operation in accordance with applicable accounting guidelines. Those recast statements can be found in our Q4 2023 earnings press release from February 8 of this year.
And now I'll turn it over to Steve.
Steve Cahillane
Thanks, John, and good morning, everyone.
Two quarters ago, we became Kellanova, with a more focused and growth-oriented portfolio, a refreshed strategy, more ambitious financial targets and the continued commitment to deliver long-term value for our share-owners. I'm proud to say that we have continued to deliver solid results even amidst challenging macro and industry conditions.
Our first quarter was a very strong start to 2024 with better sales growth, profit margins and cash flow than we had projected, and it was another quarter of on-algorithm performance year-on-year; in fact, at the upper end of our algorithm ranges....
Kellanova (K) Q1 2024 Earnings Call Transcript