Stock Analysis on Net
AI Tokens
Stock Analysis on Net

Kellanova (NYSE:K)

This company has been moved to the archive! The financial data has not been updated since August 1, 2024.

Common-Size Income Statement
Quarterly Data

Kellanova, common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Jun 29, 2024 Mar 30, 2024 Dec 30, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Dec 31, 2021 Oct 2, 2021 Jul 3, 2021 Apr 3, 2021 Dec 31, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020 Dec 28, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019
Net sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of goods sold -63.63 -67.78 -65.38 -65.91 -67.35 -70.56 -69.74 -70.78 -70.42 -68.44 -70.61 -67.84 -65.57 -67.47 -65.79 -64.98 -65.45 -66.47 -66.24 -70.34 -65.73 -68.57
Gross profit 36.37% 32.22% 34.62% 34.09% 32.65% 29.44% 30.26% 29.22% 29.58% 31.56% 29.39% 32.16% 34.43% 32.53% 34.21% 35.02% 34.55% 33.53% 33.76% 29.66% 34.27% 31.43%
Selling, general and administrative expense -20.93 -19.94 -24.18 -21.86 -20.20 -19.09 -21.52 -19.89 -18.84 -17.48 -19.77 -19.82 -20.25 -19.36 -23.09 -23.04 -19.94 -20.08 -22.59 -21.86 -22.80 -20.61
Operating profit 15.44% 12.28% 10.44% 12.24% 12.44% 10.35% 8.74% 9.33% 10.74% 14.08% 9.62% 12.34% 14.18% 13.17% 11.11% 11.99% 14.60% 13.45% 11.17% 7.80% 11.47% 10.82%
Interest expense -2.60 -2.59 -3.09 -2.11 -2.18 -2.09 -1.80 -0.99 -1.40 -1.53 -1.49 -1.52 -1.63 -1.65 -2.45 -1.84 -1.99 -1.88 -1.95 -2.14 -2.17 -2.10
Other income (expense), net 1.03 1.34 -7.35 -0.61 0.84 0.51 -10.64 1.37 1.55 2.02 8.25 0.00 2.42 1.93 -0.87 2.04 0.87 1.49 -1.83 4.45 1.30 1.48
Income from continuing operations before income taxes 13.88% 11.03% 0.00% 9.52% 11.10% 8.77% -3.70% 9.71% 10.90% 14.57% 16.37% 10.82% 14.96% 13.45% 7.79% 12.19% 13.48% 13.07% 7.38% 10.11% 10.60% 10.19%
Income taxes -3.04 -2.56 -0.64 -2.64 -2.30 -1.83 1.02 -1.88 -2.51 -3.05 -3.77 -2.54 -4.05 -3.04 -1.59 -1.90 -3.15 -2.75 -2.61 -2.70 -2.14 -2.04
Earnings (loss) from unconsolidated entities 0.03 0.00 0.08 -0.03 0.09 0.06 0.08 0.08 0.05 0.03 0.09 0.14 -0.08 -0.06 -0.20 -0.03 -0.12 -0.06 -0.06 -0.06 -0.03 -0.06
Net income from continuing operations 10.87% 8.47% -0.56% 6.85% 8.89% 7.00% -2.61% 7.91% 8.44% 11.55% 12.69% 8.42% 10.83% 10.35% 6.00% 10.27% 10.22% 10.26% 4.72% 7.35% 8.44% 8.09%
Income from discontinued operations, net of taxes 0.00 0.00 1.77 0.00 1.91 2.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net income 10.87% 8.47% 1.20% 6.85% 10.80% 9.04% -2.61% 7.91% 8.44% 11.55% 12.69% 8.42% 10.83% 10.35% 6.00% 10.27% 10.22% 10.26% 4.72% 7.35% 8.44% 8.09%
Net (income) loss attributable to noncontrolling interests -0.09 -0.13 -0.12 -0.03 -0.15 -0.12 0.05 -0.05 0.00 -0.05 -0.03 0.06 -0.14 -0.08 -0.09 -0.12 -0.09 -0.09 -0.22 -0.03 -0.17 -0.09
Net income attributable to Kellanova 10.78% 8.34% 1.08% 6.83% 10.65% 8.92% -2.56% 7.86% 8.44% 11.49% 12.66% 8.48% 10.69% 10.27% 5.92% 10.15% 10.13% 10.17% 4.50% 7.33% 8.26% 8.01%

Based on: 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30).

The common-size income statement reveals a period of volatility in profitability margins, characterized by a significant dip in 2022 followed by a strong recovery through the first half of 2024. While core operating performance has remained resilient, net income has been heavily influenced by non-operating fluctuations and contributions from discontinued operations.

Gross Profitability Trends
Gross profit margins exhibited a cyclical pattern, starting between 29% and 34% in 2019 and peaking at 35.02% in September 2020. A period of margin compression occurred between late 2021 and early 2023, where margins reached a low of 29.22% in October 2022. However, a decisive upward trend is observed in 2024, with the gross margin expanding to 36.37% by June 2024, the highest level recorded in the analyzed period.
Operating Expense and Margin Analysis
Selling, general and administrative (SG&A) expenses have remained relatively stable, generally fluctuating between 17% and 24% of net sales. Operating profit margins closely mirrored the movements of gross profit, dipping to 8.74% in December 2022 before climbing to 15.44% by June 2024. This suggests that the recent increase in operating profitability is driven primarily by improvements in cost of goods sold rather than significant reductions in overhead expenses.
Non-Operating Volatility and Interest
Interest expenses have stayed within a narrow range of 0.99% to 3.09%, though a slight increase is noted toward the end of 2023. The "Other income (expense), net" line item introduces significant volatility to the pre-tax income; notably, substantial negative impacts occurred in December 2022 (-10.64%) and December 2023 (-7.35%), which offset operating gains during those specific quarters.
Net Income and Bottom-Line Performance
Net income attributable to Kellanova experienced a sharp contraction, reaching a negative 2.56% in December 2022. Recovery was supported by both improving operating margins and the inclusion of income from discontinued operations throughout 2023, which added between 1.77% and 2.03% to net sales. By June 2024, net income attributable to the company recovered to 10.78%, reflecting a return to and exceedance of pre-2022 profitability levels.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?