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WK Kellogg's Stock Slumps After Q2 Shortfall: $390M Investment, 550 Layoffs On The Horizon
WK Kellogg Co (NYSE:KLG) shares are trading lower after the company reported second-quarter results.
The company reported quarterly earnings per share of 36 cents, missing the street view of 40 cents. Sales of $672 million missed the analyst consensus of $672.36 million.
Net sales for the second quarter fell 3.9% year-over-year, with adjusted net sales down 2.7% compared to standalone adjusted net sales.
The second-quarter net income margin was 4.7%, while the adjusted EBITDA margin was 11.6%.
"Our second quarter results are in line with expectations, and we are ...