Kellanova (K)

Operating profit margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Operating income (ttm)	US$ in thousands	1,505,000	1,766,000	1,652,000	1,558,000	1,635,000	1,629,000	1,708,000	1,797,000	1,752,000	1,808,000	1,772,000	1,774,000	1,761,000	1,736,000	1,588,000	1,479,000	1,401,000	1,367,000	1,500,000	1,577,000
Revenue (ttm)	US$ in thousands	13,122,000	13,112,000	13,108,000	13,621,000	13,951,000	14,207,000	14,578,000	14,269,000	14,181,000	14,225,000	14,032,000	13,942,000	13,770,000	13,529,000	13,472,000	13,468,000	13,578,000	13,672,000	13,769,000	13,668,000
Operating profit margin		11.47%	13.47%	12.60%	11.44%	11.72%	11.47%	11.72%	12.59%	12.35%	12.71%	12.63%	12.72%	12.79%	12.83%	11.79%	10.98%	10.32%	10.00%	10.89%	11.54%

December 31, 2023 calculation

Operating profit margin = Operating income (ttm) ÷ Revenue (ttm)
= $1,505,000K ÷ $13,122,000K
= 11.47%

The operating profit margin of Kellanova has exhibited some fluctuations over the past few quarters. The margin was relatively stable around 12% in the first three quarters of 2022, but it decreased to around 11.5% in the last quarter of 2022 and the first quarter of 2023. There was a slight improvement in the second quarter of 2023, reaching 12.6%, before dropping to 11.4% in the most recent quarter.

Overall, the operating profit margin has ranged between 10% and 13.5% over the past few years, indicating a moderate level of profitability. It is important for Kellanova to closely monitor and analyze the factors contributing to these fluctuations in order to maintain and potentially improve its profitability in the future.