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Bettering Co. co-founder Mark Cozzi is working methodically to roll out the start-up company's line of premium edibles, despite the slow pace of legal store openings in New York.
Kellanova (NYSE:K ) Q3 2023 Earnings Conference Call November 8, 2023 9:30 AM ET Company Participants John Renwick - Vice President of Investor Relations & Corporate Planning Steve Cahillane - Chairman, President & Chief Executive Officer Amit Banati - Vice Chairman & Chief Financial Officer Conference Call Participants Jason English - Goldman Sachs Nik Modi - RBC David Palmer - Evercore ISI Ken Goldman - JPMorgan Michael Lavery - Piper Sandler Max Gumport - BNP Paribas Bryan Spillane - Bank of America Alexia Howard - Bernstein Robert Dickerson - Jefferies Steve Powers - Deutsche Bank Operator Good morning, and welcome to the Kellanova Third Quarter 2023 Earnings Call. All lines have been placed on mute to prevent any background noise.
Kellanova (K) delivers third-quarter 2023 results for the company that formerly operated as Kellogg Company. Management offers fourth-quarter guidance for Kellanova.
WK Kellogg Co.'s stock KLG, was up by 2.8% in premarket trading after the cereal company that was formerly part of snack giant Kellanova K, -0.86% said its third-quarter profit rose by 82.6%. WK Kellogg said its net income increased to $42 million, or 49 cents a share, from $23 million, or 27 cents a share, in the year-ago quarter.
Shares of Kellanova K, -0.86%, formerly known as Kellogg, rose 2.1% toward a five-week high in premarket trading Wednesday, after the snacks and frozen foods company beat third-quarter profit expectations, but missed on revenue and provided a downbeat outlook. Net income fell to $269 million, or 78 cents a share, from $310 million, or 90 cents a share, in the year-ago period.
Kellogg has broken itself into two companies. Such good company/bad company spinoffs are common on Wall Street.
Spin-offs are almost always pitched as a way to create value for shareholders, but that's not always what happens. Kellogg recently broke into two companies, Kellanova and WK Kellogg.
'Mad Money' host Jim Cramer eyes another big breakup that shook up Wall Street.
'Mad Money' host Jim Cramer eyes another big breakup that shook up Wall Street.
Cereal aisle staple Kellogg's has split into two separate entities — Kellanova (K) taking over its snack brands, such as Pringles, and WK Kellogg (KLG) covering its celebrated cereals, like Frosted Flakes and Rice Krispies. Yahoo Finance's Brooke DiPalma reports on the spin-off, WK Kellogg CEO Gary Pulnick's plans for the company, and how Wall Street is reacting to the two food stocks.