- Kellogg Company K reported third-quarter FY21 sales growth of 5.6% year-on-year, to $3.62 billion, beating the analyst consensus of $3.54 billion.
- Adjusted EPS of $1.09 beat the analyst consensus of $0.93.
- Kellogg North America's sales remained flat, Europe increased 14%, Latin America sales gained 7%, Asia Pacific, Middle East, and Africa's sales jumped 17%.
- Selling, general and administrative expenses declined 9.1% Y/Y to $718 million.
- The operating margin was 12.3%, and operating income for the quarter rose 9% to $447 million.
- The reported gross margin was 32.1%, while the adjusted gross margin contracted 250 basis points to 32.2%.
- Kellogg held $440 million in cash and equivalents as of October 2, 2021, and generated an operating cash flow year-to-date of $1.1 billion. Net debt was $7.1 billion as of October 2, 2021.
- Outlook: Kellogg raised its FY21 sales growth guidance to 2% - 3% (prior guidance of 0 - 1%).
- Kellogg reaffirmed its full-year financial guidance for operating profit, EPS, and cash flow.
- Price Action: K shares traded higher by 0.33% at $63.55 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in