Kellogg: Company Reports Q3-2020 Financial Results

Battle Creek / MG. (kc) Kellogg Company announced third quarter 2020 results and raised its full-year financial guidance. Highlights:

• During the global Covid-19 pandemic and unprecedented operating environment, Kellogg continues to execute well against its priorities of ensuring our employees’ health and safety, supplying food to the marketplace, and aiding our communities.
• Net sales growth was led by emerging markets and better-than-category consumption growth in key developed markets.
• Significant increases in brand investment around the world were aimed at further strengthening competitive positions.
• Strong cash generation enabled the Company to continue to enhance financial flexibility.
• Better-than-expected results in the third quarter prompted the Company to again increase its full-year financial outlook.

«I’m proud of the way our organization has come together to manage through these trying times,» said Steve Cahillane, Kellogg Company’s Chairman and Chief Executive Officer. «We’re taking the extra steps to keep each other safe, supply the market with our foods, and support our communities in a time of need.»

Cahillane added, «Amidst an uncertain business environment, our strong planning and execution drove better-than-expected financial results and solid in-market performance across all four of our regions in the third quarter. Accordingly, we are raising our full-year outlook for all key financial guidance metrics, even as we increase investment for the future.»