|
|
|
|
||
Kellogg Stock Climbs as Sales Top Forecasts on Snacks GrowthKellogg Stock Climbs as Sales Top Forecasts on Snacks Growth Barron's (Online); New York Shares of Kellogg climbed Thursday after the food company reported first-quarter earnings and revenue that beat Wall Street expectations, and it raised its sales growth forecast for 2022. Kellogg (ticker: K) reported adjusted earnings of $1.23 a share a share, beating estimates of 93 cents, according to FactSet. The company also reported net sales of $3.67 billion; analysts' estimated sales of $3.59 billion. The company attributed the sales growth to sustained momentum in snacks growth around the world. For 2022, Kellogg raised its guidance for organic-basis net sales growth to approximately 4%, above previous guidance of 3%, which according to the company, "reflects momentum in its business, particularly snacks globally and noodles in Africa, as well as by higher price/mix growth required to cover incremental cost inflation in the economy." The company also reaffirmed earnings and operating profit guidance for 2022. "Our strong start to the year, coupled with good sales momentum, allow us to affirm earnings guidance even as the outlook has worsened for cost inflation and incremental business disruptions, including impacts related to the war in Ukraine," said Kellogg CEO Steve Cahillane. Shares of Kellogg rose 3.2% on Thursday to $70. The stock has gained 5.3% year to date. |
return to message board, top of board |