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WK Kellogg's stock rises after Q4 revenue beat

WK Kellogg Co.'s stock (KLG) rose 4.5% in premarket trades Tuesday after the cereal company reported better-than-expected fourth-quarter revenue despite a year-over-year sales decline impacted by price elasticity and lower promotional spend. WK Kellogg, which was previously part of snack giant Kellanova (K), said its net income was $15 million, or 18 cents a share, after a loss of $152 million or a loss of $1.77 a share in the prior year's period. Analysts surveyed by FactSet were looking for earnings of 21 cents a share. Revenue fell 3.7% year-over-year to $651 million. Analysts surveyed by FactSet were looking for fourth-quarter revenue of $646 million. Shares of WK Kellogg, which became an independent company on Oct. 2, 2023, are up 17% in the last three months, compared with the S&P 500 index's gain of 13.8%.

-James Rogers

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02-13-24 0854ET

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