Published on 2 May 2024 on StockStory via Yahoo Finance
Why Are Kellanova (K) Shares Soaring Today
Why Are Kellanova (K) Shares Soaring Today
What Happened:
Shares of packaged foods company Kellanova (NYSE:K) jumped 8.2% in the morning session after the company reported first-quarter results, which blew past analysts' organic revenue growth expectations. Its EPS also outperformed Wall Street's estimates. The topline endured headwinds driven by FX volatility as well as the divestiture of its business in Russia. On the other hand, its gross margin missed analysts' expectations, and its operating margin missed Wall Street's estimates. Zooming out, we think this was still a decent, albeit mixed, quarter, showing that the company is staying on track.