Kellogg (K) Tops Q3 EPS by 11c; Reaffirms

Kellogg (NYSE: K) reported Q3 EPS of $1.05, $0.11 better than the analyst estimate of $0.94. Revenue for the quarter came in at $3.27 billion versus the consensus estimate of $3.21 billion.

"Our third quarter played out as expected. Operating profit margin expansion got an added boost from the transition out of Direct-Store Delivery, and we posted another quarter of sequential improvement in our net sales performance,” said John Bryant, Kellogg Company’s chairman. “There was some timing benefit that comes out of the fourth quarter, but these results put us solidly on track to deliver on our fullyear 2017 financial guidance, just as we welcome Steve Cahillane as the eleventh chief executive officer in our Company's history."

"I am honored and excited to be part of this great Company," said Steve Cahillane, chief executive officer. "In a few weeks, I have already confirmed everything that attracted me to the Company: Iconic brands, outstanding food, a special culture, and a will to win. The third quarter results and 2017 financial outlook are a testament to the strategy in place, as is the acquisition of RXBAR, which will serve as an additional platform for growth."

The Company reaffirmed its financial guidance for currency-neutral comparable net sales, operating profit, and earnings per share, as well as for cash flow.

For earnings history and earnings-related data on Kellogg (K) click here.

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