WK Kellogg restates prior financials due to inventory error; material weakness

WK Kellogg Co

Non-reliance on FY2024 audited and Q1-Q3 2024 and Q1 2025 financials; restatement due to ~$11M inventory understatement in FY2024 and cumulative ~$28M across reported periods.
Material weakness in internal control over financial reporting; management concludes ICFR and disclosure controls not effective.
Preliminary Q2 2025 Adjusted EBITDA $56-58M (updated for error), net sales reaffirmed $610-615M; full Q2 results due Aug 7.
Board declares $0.165/share dividend payable Sept 12, 2025; merger with Ferrero (expected H2 2025) unaffected by error.

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