By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AmextaFinanceAmextaFinance
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
AmextaFinanceAmextaFinance
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
AmextaFinance > Markets > Stocks > Kellogg tops earnings estimates following North American cereal rebound
Stocks

Kellogg tops earnings estimates following North American cereal rebound

News Room
Last updated: 2023/05/05 at 10:15 AM
By News Room
Share
2 Min Read
SHARE

© Reuters Kellogg (K) tops earnings estimates following North American cereal rebound

Resilient demand and recovering profit margins helped Kellogg (NYSE:) post a top and bottom line beat when it reported results for its first quarter before the open on Thursday.

The packaged food maker Q1 EPS of $1.10, $0.10 better than the analyst estimate of $1, with revenue for the quarter coming in at $4.17 billion versus the consensus estimate of $3.96B.

Kellogg’s first quarter net sales increased by 10% YoY, which it said reflects positive price/mix, and was led by a sustained momentum in snacks and noodles, as well as a continued rebound in North American cereal. However, operating profit decreased by 15%.

Kellogg’s shares are down more than 3% at the time of writing on Thursday.

“We’re very pleased to get off to such a strong start to the year,” said Steve Cahillane, Kellogg Company’s Chairman and Chief Executive Officer. “We continue to grow net sales organically above our long-term targets, and this growth spans across our Regions and our category groups. We also continue to make progress toward recovering our profit margins.”

The company raised its full-year guidance, with net sales growth now expected to be between +6% and +7%, up from the previous expectation of +5% to +7%. Operating profit growth is expected from +8% to +10%, up from +7% to +9%, while the company now sees its adjusted EPS declining by 1% to 3%, up from the prior expected decline of 2% to 4%.

Read the full article here

News Room May 5, 2023 May 5, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
How trade tensions are really affecting the global economy

When the UK became the first country to reach a trade agreement…

Hamas gives ‘positive’ response to Trump proposal for Gaza ceasefire

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

US Treasury Secretary Bessent talks tariffs, China, global finance

Watch full video on YouTube

CNBC tests the viral Dubai chocolate bars

Watch full video on YouTube

Valve conquered PC gaming. What comes next?

Here at FT Alphaville we love exploring “black hole” companies: those ultra-private…

- Advertisement -
Ad imageAd image

You Might Also Like

Stocks

CPS reports solid 2023 performance, eyes future growth By Investing.com

By News Room
Stocks

Niu Technologies faces mixed results in Q4 2023 By Investing.com

By News Room
Stocks

Exagen Inc. reports strong 2023 revenue growth By Investing.com

By News Room
Stocks

Legacy Housing reports mixed results amid sales decline By Investing.com

By News Room
Stocks

Harmony Biosciences exec sells over $383k in stock By Investing.com

By News Room
Stocks

Biofrontera posts record revenue and outlines growth plans By Investing.com

By News Room
Stocks

Granite Ridge CFO buys $31,000 in company stock By Investing.com

By News Room
Stocks

Coliseum Capital Management buys MasterCraft Boat shares worth over $3.2m By Investing.com

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

YOUR EMAIL HAS BEEN CONFIRMED.
THANK YOU!

Welcome Back!

Sign in to your account

Lost your password?