Kellanova, a spin-off of Kellogg's that focuses on snacking, has raised its sales and profit forecasts for 2024 due to strong demand for cereals and snacks such as Pringles. In the second quarter, Kellanova's net sales reached $3.19 billion, surpassing analysts' expectations of $3.15 billion. The company's adjusted profit per share was $1.01, exceeding the projected 90 cents. Kellanova's success can be attributed to its loyal customer base, which has remained strong despite higher prices. This has resulted in a 21% increase in operating profit in North America and a 25% increase in Latin America. The growth of Kellanova highlights the resilience of the snack food market, with gross margins improving from 33.1% to 36.5%. [444dff01]
KLA Corporation, a leading provider of process control solutions for the semiconductor industry, announced its Q1 2024 earnings results during a conference call and webcast. The company reported strong financial performance for the September quarter, with $2.4 billion in revenue and a non-GAAP diluted EPS of $5.74. CEO Rick Wallace highlighted the strength and relevance of KLA's process control portfolio and emphasized the continued growth of its service business. CFO Bren Higgins provided financial highlights and guidance for the December quarter, projecting total revenue of $2.45 billion and a non-GAAP gross margin of 61.5%. KLA also shared its outlook for the wafer fab equipment market, expecting a decline of approximately 16% in 2023. The company remains committed to driving differentiation through innovation and delivering strong financial performance. [85679284]
Meanwhile, Klarna, the Swedish fintech giant, has undergone a financial transformation, signaling its readiness for the public markets. After posting losses in late 2022, Klarna's Q3 results reveal a return to profitability, with revenue of 6 billion Krona ($549.9 million) and an operating result of 130 million Krona ($11.9 million). This shift positions Klarna as a durable company prepared for the public markets. [3c768cf0]
In addition to KLA Corporation and Klarna, SKF, a Swedish engineering company, reported record sales exceeding SEK100 billion for the first time in its history during an earnings call. The company achieved organic growth of around 4% and an adjusted operating profit of SEK13 billion, resulting in an adjusted operating margin of 12.5%. Despite a decrease in demand during the fourth quarter, SKF delivered strong performance with net sales of SEK24 billion and an adjusted operating profit of nearly SEK3 billion. The company plans to propose a dividend increase to SEK7.5 per share. SKF anticipates a mid-single digit decline in organic sales for Q1 2024 and a low-single digit decline for the full year. Strategic initiatives for 2024 include supply chain optimization, portfolio management and restructuring, and sustainability leadership. The company expects a softer start in demand for 2024, with improvements expected in the second half of the year. SKF's performance in 2023 was marked by significant achievements and strategic realignments, demonstrating resilience in the face of market challenges. [f9bdf3f5]
Kornit Digital Ltd., based in Rosh-Haayin, Israel, reported a loss of $22.9 million in its fourth quarter. The digital textile printer had a loss of 48 cents per share, but after adjusting for one-time gains and costs, earnings came to 8 cents per share. The company posted revenue of $56.6 million in the period. For the year, Kornit Digital reported a loss of $64.4 million, or $1.31 per share, with revenue reported as $219.8 million. For the current quarter ending in March, Kornit Digital expects revenue in the range of $43 million to $48 million. [ce29424b]
Kroger, the American retail company, had its "outperform" rating reiterated by research analysts at Telsey Advisory Group. The analysts have a $55.00 price target on the stock. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Kroger's stock traded down $0.09 during mid-day trading, hitting $49.52. The company has a market capitalization of $35.63 billion, a PE ratio of 19.28, and a beta of 0.45. Kroger last announced its quarterly earnings data on Thursday, November 30th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.04. Kroger has a twelve month low of $42.10 and a twelve month high of $50.36. The firm has a fifty day simple moving average of $46.36 and a 200 day simple moving average of $45.48. The company presently has a consensus rating of "Hold" and an average price target of $53.00. [eecab659]
ProKidney Corp. has announced the strategic expansion of its executive team with two key appointments aimed at advancing its Phase 3 clinical program and preparing for future product commercialization. Dr. Ulrich Ernst has been appointed as Executive Vice President of Technical Operations, bringing over three decades of biopharmaceutical industry experience to the company. Mr. Lucio Tozzi has joined ProKidney as Senior Vice President of Global Clinical Operations, with over 30 years of experience in international drug development and clinical trial execution. Both executives are expected to contribute significantly to the enrollment of patients in the PROACT 1 and PROACT 2 trials, which are integral to the late-stage clinical program. ProKidney's lead product candidate, rilparencel, is an autologous cellular therapy being evaluated to potentially preserve kidney function in diabetic patients at high risk of kidney failure. [aad49d14]