Kellogg (K) Tops Q3 EPS by 4c; Raises Outlook

Kellogg (NYSE: K) reported Q3 EPS of $1.01, $0.04 better than the analyst estimate of $0.97. Revenue for the quarter came in at $3.95 billion versus the consensus estimate of $3.77 billion.

GUIDANCE:

• Raises its guidance for organic-basis net sales growth to approximately +10%, from its prior guidance of +7-8%. This reflects better-than-expected growth through the most recent quarter, as well as revenue growth management actions and good in-market momentum, particularly in snacks and emerging markets.
• Raises its guidance for adjusted-basis operating profit growth to approximately +6% on a currencyneutral basis, from its prior guidance of +4-5%. This reflects the Company's better-than-expected results in its latest quarter, and incorporates continued high cost inflation, bottlenecks and shortages, and increased brand investment in the second half.
• Raises its guidance for adjusted-basis earnings per share growth to approximately +3% on a currencyneutral basis, from prior guidance of approximately +2%. This reflects the improved operating profit outlook, partially offset by a further reduction in non-operating, non-cash pension income, stemming from a remeasurement that now reflects this year's higher interest rates and sharply lower equity and bond values.

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

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