Kellogg Company: Q1-2019 financial Results

Battle Creek / MG. (dbkc) Kellogg Company announced first-quarter 2019 results and adjusted its full-year financial guidance for a previously announced divestiture. Highlights:

• Net sales growth, driven by both organic growth and last May’s consolidation of Nigerian distributor Multipro.
• Steadily improving consumption trends across many key markets, categories and brands.
• As expected, higher input costs and effective tax rate contributed to lower earnings.
• Continued progress on strategic priorities, including stronger innovation, expansion in emerging markets, and portfolio reshaping in the form of a previously announced agreement to divest selected cookies, fruit snacks, pie crusts, and ice-cream cones.
• Financial guidance for the full year 2019 was updated solely to provide further details regarding the expected impact of the recently announced divestiture.

«Coming out of Q1, we remain squarely on strategy and on plan,» said Steve Cahillane, Kellogg Company’s Chairman and Chief Executive Officer. «We improved our top-line growth through more and better innovation, momentum on revitalized brands, and continued expansion in emerging markets. We also restructured our organization for greater agility, and further reshaped our future portfolio by reaching an agreement to sell certain brands later this summer. Meantime, we overcame some unexpected headwinds in our North America business in Q1, and delivered earnings that keep us on track for the year’s financial targets.»

For detailed information please read the Company’s PDF file on the Company’s server.