BATTLE CREEK, Mich., April 18, 2024 /PRNewswire/ -- WK Kellogg Co (NYSE: KLG) announced today that it will host a conference call on Tuesday, May 7, 2024, at 9:30 a.m. EDT, to discuss the company's financial results for the first quarter of 2024 and provide an operational update, including indications regarding the performance and outlook of the business. The conference call will be a live audio webcast available at investor.wkkellogg.com. At approximately 8:00 a.m. EDT on that day the company will release ...

BATTLE CREEK, Mich., April 17, 2024 /PRNewswire/ -- WK Kellogg Co (NYSE: KLG) will host a live virtual webcast of its 2024 Annual Shareholder Meeting on Thursday, May 2, 2024, at 1:00 PM ET. Information about the webcast, which will include both the audio and slide presentation from the meeting, is available on the Investor Relations page of our website at investor.wkkellogg.com. Only Shareholders will be permitted to participate. A rebroadcast will be available 24 hours after the meeting, and up for at lea ...

Spin-Off and Corporate Structure - The Spin-Off of WK Kellogg Co from Kellanova was completed on October 2, 2023, with Kellanova distributing one share of WK Kellogg Co common stock for every four shares of Kellanova common stock[17]. - Kellanova's North America cereal business was separated and spun off into WK Kellogg Co, with the distribution of one share of WK Kellogg Co common stock for every four shares of Kellanova common stock on October 2, 2023[17]. - WK Kellogg Co entered into several agreements with Kellanova, including a Transition Services Agreement to ensure an orderly transition post-Spin Off[19]. Product Portfolio and Market Position - WK Kellogg Co's principal products include cereals categorized into taste, wellness, and balance, with leading brands such as Frosted Flakes, Special K, and Froot Loops[20]. - The company has a diverse portfolio of cereals aimed at enhancing consumer lives, supported by over a century of institutional knowledge[16]. - The company has a significant market position in the North American cereal industry, supported by a diversified portfolio of iconic brands[32]. - The company has a diversified portfolio of cereals across taste, wellness, and balance sub-categories, appealing to a wide demographic[16]. Supply Chain and Raw Materials - The company has experienced supply chain disruptions leading to increased prices of raw materials, packaging, and labor, impacting profitability[22]. - The company relies on agricultural commodities such as corn, wheat, and sugar as principal raw materials, which are subject to price fluctuations due to various market conditions[21]. - The principal raw materials include agricultural commodities such as corn, wheat, and sugar, with costs subject to fluctuations due to various external factors[21]. - The company utilizes derivative financial instruments to hedge against commodity price risks[22]. Competition and Market Dynamics - The company faces intense competition from both branded and private label products, competing on factors such as product quality, price, and innovation[32]. - The company faces intense competition from both branded and private label products, necessitating continuous innovation and marketing efforts[32]. - WK Kellogg Co's future results may be affected by factors such as supply chain disruptions, inflation, and competition in the retail environment[14]. Financial Performance and Customer Base - In 2023, Wal-Mart Stores, Inc. accounted for approximately 26% of combined net sales, with the top five customers collectively representing about 47% of net sales[30]. - Kellanova's largest customer, Wal-Mart Stores, Inc., accounted for approximately 26% of combined net sales during 2023, with the top five customers collectively representing about 47% of net sales[30]. Research and Development - Research and development expenditures for the year ended December 30, 2023, were approximately $25 million[33]. - The company is actively involved in research to expand existing products and develop new food products at the W. K. Kellogg Institute for Food and Nutrition Research[33]. Employee Engagement and Corporate Culture - The company employs approximately 3,150 employees as of December 30, 2023, and focuses on employee engagement and well-being[38]. - The company emphasizes employee engagement through frequent communication and a global opinion survey[38]. - The company offers a competitive benefits package that includes defined benefit pension plans and defined contribution retirement plans[38]. - The company is committed to evolving its programs to meet the total well-being needs of its employees[38]. - The company provides flexible work arrangements to promote work/life integration[38]. - The company is committed to fostering a culture of equity, diversity, inclusion, and belonging in the workplace[38]. - The company invests in training and development programs for leadership and technical capabilities[38]. Management Team - The Chief Executive Officer and Chairman of the Board is Gary Pilnick, appointed effective upon the completion of the Spin-Off[40]. - The Chief Financial Officer is David McKinstray, who has significant experience in global roles across risk management and corporate financial planning[45]. - The Chief Growth Officer is Doug VanDeVelde, who has held various leadership roles in marketing for over 25 years[46]. Regulatory and Compliance Matters - There are no current regulatory matters expected to materially impact the company's financial performance, although future regulations could pose risks[35]. - The company maintains internal controls to mitigate the risk of non-compliance with various regulations[34].

• Grow EBITDA Our Margin Opportunity Opportunity to leverage low-cost platforms and processes Significant cost and efficiency disparity within the current network FACTORY EXPENSE PER KILO HIGHEST COST FACILITY ~50%2 ~20%2 LOWEST COST FACILITY LEAST EFFICIENT FACILITY MOST EFFICIENT FACILITY | 49 1) As measured by Overall Equipment Effectiveness (OEE) 2) These are management estimates OPERATING EFFICIENCY1 Modernizing our Supply Chain | 50 • Automation • Digital Capabilities • New Manufacturing Technology | ...

WK Kellogg Co (NYSE:KLG) CAGNY 2024 Conference Summary Company Overview - WK Kellogg Co is a $2.7 billion revenue business, a leading player in the cereal category in the US, Canada, and the Caribbean [6][10] - The company operates with approximately 3,000 employees and has a dedicated sales force [6][10] - The leadership team has over 180 years of combined Kellogg experience [6] Core Industry Insights - The cereal category is valued at over $10 billion in North America, being the number one breakfast choice for children and the second for adults [10] - Cereal drives 50 million personal decisions weekly, with basket sizes increasing by nearly 150% when cereal is included [11] - Cereal is low in fat and calories, nutrient-dense, and represents only 5% of added sugar in the average diet [12][13] Strategic Focus and Execution - The company emphasizes a focused strategy on cereal, integrating marketing, sales, and supply chain functions to enhance visibility and decision-making [14][15] - The first strategic horizon focuses on optimizing the existing business, targeting a 500 basis point margin expansion from a 9% EBITDA base [9][54] - The second horizon involves exploring inorganic growth opportunities such as M&A and joint ventures [10] Marketing and Sales Strategy - The integrated commercial plan aims to enhance demand creation and in-store activation, focusing solely on cereal [23][25] - The CORE 6 brands represent approximately 70% of the business, with a strong emphasis on brand marketing and innovation [23][24] - The sales force is dedicated exclusively to cereal, allowing for deeper customer engagement and better execution [36][37] Supply Chain Modernization - The supply chain modernization plan includes a capital investment of $450 million to $500 million over the next two years [46] - The company aims to consolidate manufacturing networks to improve efficiency and reduce costs [44][45] - Recent improvements in customer service have been noted, achieving the highest level since March 2020 [43] Financial Outlook - The company targets a stable top line and significant EBITDA growth, with a disciplined approach to capital allocation [52][56] - The goal is to increase cash returns to shareholders as margins improve, targeting a debt level of approximately 2.5 times EBITDA [56] Cultural and Community Engagement - The "Feeding Happiness" initiative aims to promote healthier eating and community engagement through programs like "Mission Tiger," which supports youth sports [20][38] - The company emphasizes a strong culture driven by employee engagement and a commitment to sustainability [19][20] Key Takeaways - WK Kellogg Co is positioned to leverage its heritage and focus on cereal to drive growth and profitability [4][21] - The integration of functions and a dedicated sales force are seen as critical to unlocking potential in the cereal category [15][36] - The company is committed to modernizing its supply chain and enhancing operational efficiency to support its financial goals [44][52]

WK Kellogg Co. (NYSE:KLG) Q4 2023 Earnings Conference Call February 13, 2024 9:30 AM ET Company Participants Karen Duke - Vice President, Planning and Investor Relations Gary Pilnick - Chief Executive Officer and Chairman of the Board Dave McKinstray - Chief Financial Officer Conference Call Participants Andrew Lazar - Barclays David Palmer - Evercore ISI Max Gumport - BNP Paribas Pamela Kaufman - Morgan Stanley Peter Galbo - Bank of America Matt Smith - Stifel Robert Moskow - TD Cowen Robert Dickerson - Je ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | Title of each class | Trading symbol(s) | Name of ...