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- Kellogg Company K reported first-quarter FY23 sales growth of 10.4% year-on-year to $4.053 billion, beating the consensus of $3.95 billion.
- On an organic basis, which excludes the impact of currency, net sales increased by 13.7% year on year.
- Adjusted EPS of $1.10 beat the analyst consensus of $0.99.
- Kellogg North America's sales increased 13%, Europe grew 3%, Latin America's sales gained 14%, and Asia Pacific, Middle East, and Africa's (AMEA) sales climbed 7%.
- Selling, general and administrative expenses rose 19.9% Y/Y to $770 million.
- Operating margin was 10.8%, and operating income for the quarter decreased 14.8% to $440 million.
- The company's reported gross margin contracted 170 basis points to 29.9%, while the adjusted gross margin expanded 90 basis points to 31.3%.
- Kellogg held $347 million in cash and equivalents as of April 1, 2023, and generated an operating cash flow of $276 million.
- The company continues to work towards its planned separation of its North America cereal business, which is expected to be completed during the fourth quarter.
- Outlook: Kellogg tightens FY23 organic net sales growth outlook from 5% - 7% to 6% - 7%.
- Kellogg raises its guidance for an adjusted-basis EPS decline to (1)% to (3)% on a currency-neutral basis, from prior guidance of (2)% to (4)%.
- Also Read: Kellogg Bumps Up Dividend Payment Starting Q3
- Price Action: K shares are trading lower by 2.66% at $69.63 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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