Kellanova raises FY24 adjusted EPS view to $3.65-$3.75 from $3.55-$3.65

FY24 Organic-basis net sales growth guidance is raised to 3.5% or better, from its previous guidance of approximately 3% or better. This growth, against a recast 2023, remains within the company’s long-term target range, and will continue to be led by the company’s priority snacks brands and emerging markets. Net cash provided by operating activities is now forecast to be above $1.7 billion, with capital expenditure of about $0.7 billion, which is elevated this year for the expansion of Pringles capacity in emerging markets. As a result, free cash flow is now expected to be above $1.0 billion. The company raised its financial guidance for 2024, reflecting its stronger-than-anticipated first-half results.