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

Income Statement
Quarterly Data

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 (quarterly data)

US$ in millions

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	3,192)	3,200)	2,490)	3,939)	3,351)	3,342)	3,833)	3,946)	3,864)	3,672)	3,420)	3,622)	3,555)	3,584)	3,464)	3,429)	3,465)	3,412)	3,223)	3,372)	3,461)	3,522)
Cost of goods sold	(2,031)	(2,169)	(1,628)	(2,596)	(2,257)	(2,358)	(2,673)	(2,793)	(2,721)	(2,513)	(2,415)	(2,457)	(2,331)	(2,418)	(2,279)	(2,228)	(2,268)	(2,268)	(2,135)	(2,372)	(2,275)	(2,415)
Gross profit	1,161)	1,031)	862)	1,343)	1,094)	984)	1,160)	1,153)	1,143)	1,159)	1,005)	1,165)	1,224)	1,166)	1,185)	1,201)	1,197)	1,144)	1,088)	1,000)	1,186)	1,107)
Selling, general and administrative expense	(668)	(638)	(602)	(861)	(677)	(638)	(825)	(785)	(728)	(642)	(676)	(718)	(720)	(694)	(800)	(790)	(691)	(685)	(728)	(737)	(789)	(726)
Operating profit	493)	393)	260)	482)	417)	346)	335)	368)	415)	517)	329)	447)	504)	472)	385)	411)	506)	459)	360)	263)	397)	381)
Interest expense	(83)	(83)	(77)	(83)	(73)	(70)	(69)	(39)	(54)	(56)	(51)	(55)	(58)	(59)	(85)	(63)	(69)	(64)	(63)	(72)	(75)	(74)
Other income (expense), net	33)	43)	(183)	(24)	28)	17)	(408)	54)	60)	74)	282)	—)	86)	69)	(30)	70)	30)	51)	(59)	150)	45)	52)
Income from continuing operations before income taxes	443)	353)	—)	375)	372)	293)	(142)	383)	421)	535)	560)	392)	532)	482)	270)	418)	467)	446)	238)	341)	367)	359)
Income taxes	(97)	(82)	(16)	(104)	(77)	(61)	39)	(74)	(97)	(112)	(129)	(92)	(144)	(109)	(55)	(65)	(109)	(94)	(84)	(91)	(74)	(72)
Earnings (loss) from unconsolidated entities	1)	—)	2)	(1)	3)	2)	3)	3)	2)	1)	3)	5)	(3)	(2)	(7)	(1)	(4)	(2)	(2)	(2)	(1)	(2)
Net income from continuing operations	347)	271)	(14)	270)	298)	234)	(100)	312)	326)	424)	434)	305)	385)	371)	208)	352)	354)	350)	152)	248)	292)	285)
Income from discontinued operations, net of taxes	—)	—)	44)	—)	64)	68)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net income	347)	271)	30)	270)	362)	302)	(100)	312)	326)	424)	434)	305)	385)	371)	208)	352)	354)	350)	152)	248)	292)	285)
Net (income) loss attributable to noncontrolling interests	(3)	(4)	(3)	(1)	(5)	(4)	2)	(2)	—)	(2)	(1)	2)	(5)	(3)	(3)	(4)	(3)	(3)	(7)	(1)	(6)	(3)
Net income attributable to Kellanova	344)	267)	27)	269)	357)	298)	(98)	310)	326)	422)	433)	307)	380)	368)	205)	348)	351)	347)	145)	247)	286)	282)

The financial performance of Kellanova from March 2019 through June 2024 is characterized by relatively stable revenue streams interrupted by significant volatility in net income and operating profit during the 2022 and 2023 periods. While top-line growth showed an upward trajectory through late 2022, subsequent quarters experienced fluctuations, including a sharp contraction in the final quarter of 2023.

Revenue and Gross Profit Dynamics: Net sales remained largely consistent between 2019 and 2021, followed by a growth phase in 2022 that peaked at 3,946 million USD in October 2022. A notable anomaly occurred on December 30, 2023, where net sales dropped to 2,490 million USD, the lowest point in the analyzed period, before recovering to 3,192 million USD by June 2024. Gross profit margins generally tracked with sales, though the cost of goods sold showed an increasing trend in 2022, peaking at 2,793 million USD in October 2022.
Operating Efficiency and Expense Management: Operating profit exhibited periodic volatility, ranging from a high of 517 million USD in April 2022 to a low of 260 million USD in December 2023. Selling, general, and administrative expenses remained relatively stable, typically fluctuating between 600 million USD and 800 million USD. A peak in these expenses occurred in December 2022 at 825 million USD, contributing to a contraction in operating margins during that period.
Non-Operating Items and Net Income Volatility: The net income profile is marked by extreme volatility driven by non-operating items. A significant loss was recorded on December 31, 2022, with net income dropping to -100 million USD, primarily due to a substantial net expense in other income/expense totaling -408 million USD. Conversely, interest expenses remained relatively predictable, generally oscillating between 40 million USD and 85 million USD per quarter.
Impact of Discontinued Operations: During 2023, net income was positively influenced by discontinued operations. These operations contributed 68 million USD in April, 64 million USD in July, and 44 million USD in December 2023. These contributions provided a buffer to the net income attributable to Kellanova during a period of fluctuating continuing operations.

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Kellanova (NYSE:K)

Income StatementQuarterly Data

Income Statement
Quarterly Data