Name: Kellanova (NYSE:K) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Kellanova, consolidated income statement

US$ in millions

12 months ended:	Dec 30, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 28, 2019
Net sales	13,122)	15,315)	14,181)	13,770)	13,578)
Cost of goods sold	(8,839)	(10,700)	(9,621)	(9,043)	(9,197)
Gross profit	4,283)	4,615)	4,560)	4,727)	4,381)
Selling, general and administrative expense	(2,778)	(2,980)	(2,808)	(2,966)	(2,980)
Operating profit	1,505)	1,635)	1,752)	1,761)	1,401)
Interest expense	(303)	(218)	(223)	(281)	(284)
Other income (expense), net	(162)	(220)	437)	121)	188)
Income from continuing operations before income taxes	1,040)	1,197)	1,966)	1,601)	1,305)
Income taxes	(258)	(244)	(474)	(323)	(321)
Earnings (loss) from unconsolidated entities	6)	9)	3)	(14)	(7)
Net income from continuing operations	788)	962)	1,495)	1,264)	977)
Income from discontinued operations, net of taxes	176)	—)	—)	—)	—)
Net income	964)	962)	1,495)	1,264)	977)
Net income attributable to noncontrolling interests	(13)	(2)	(7)	(13)	(17)
Net income attributable to Kellanova	951)	960)	1,488)	1,251)	960)

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).

An analysis of the five-year income statement reveals a period of revenue expansion followed by a contraction in top-line performance and a normalization of net earnings.

Revenue and Gross Profitability: Net sales exhibited a steady upward trend from 2019 through 2022, peaking at 15,315 million US$ before experiencing a significant decline to 13,122 million US$ in 2023. Despite this volatility in sales, gross profit remained relatively stable, fluctuating between 4,283 million US$ and 4,727 million US$. The gross profit margin showed resilience, although a slight contraction was noted in 2022 before recovering in 2023.
Operating Performance: Operating profit grew from 1,401 million US$ in 2019 to a peak of 1,761 million US$ in 2020, followed by a gradual decline to 1,505 million US$ by 2023. This trend was supported by disciplined management of selling, general, and administrative expenses, which remained remarkably consistent over the five-year period, ranging only between 2,778 million US$ and 2,980 million US$.
Net Income and Non-Operating Impacts: Net income attributable to Kellanova peaked in 2021 at 1,488 million US$ but retreated to 951 million US$ by 2023. A critical observation is the impact of non-operating items; interest expenses increased to 303 million US$ in 2023, and other net income transitioned from a gain of 437 million US$ in 2021 to a loss of 162 million US$ in 2023. Additionally, the 2023 net income was positively influenced by 176 million US$ from discontinued operations, which offset the decline in income from continuing operations.
Taxation and Entity Contributions: Income tax expenses mirrored the trend of pre-tax income, peaking at 474 million US$ in 2021 and declining to 258 million US$ in 2023. Earnings from unconsolidated entities remained minimal and volatile, shifting from negative values in 2019 and 2020 to modest gains in the subsequent three years.

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