Kellogg's shares drop after missing Q2 earnings, plans plant closures and investments.
Kellogg shares fell after a second-quarter earnings miss. The company plans to invest $390m in capex and expects $110m in cash restructuring & non-restructuring costs. It aims for a 14% adjusted EBITDA margin by 2026. Kellogg will close its Omaha plant in 2026, reducing 550 employees, while scaling back production in Memphis. It also plans to invest in Michigan, Ontario, and Pennsylvania plants, reaffirming FY24 adjusted net sales guidance of $2.71-2.76bn.
August 06, 2024
3 Articles