Kellogg Company: Reports 2021 Fourth Quarter Results

Battle Creek / MG. (kc) Kellogg Company announced fourth quarter and full year 2021 results and provided a financial outlook for 2022. Highlights:

• The Company delivered full-year financial results consistent with its guidance across all metrics, despite a challenging operating environment that featured high cost inflation, worldwide supply disruptions as well as a labor strike and fire in the Company’s North America cereal manufacturing facilities.
• Net Sales growth in 2021 was driven by positive price/mix and notable momentum in snacks and emerging markets.
• These trends continued in the fourth quarter, though net sales were negatively affected by lapping an extra week in the year-earlier period.
• The Company issued 2022 financial guidance that calls for currency-neutral growth in net sales, operating profit, and earnings per share, even as it expects the challenging operating environment to persist.

«As we’ve closed the books on fiscal year 2021, I could not be more proud of our organization’s focus and determination to work through challenges and deliver on our financial commitments,» said Steve Cahillane, Kellogg Company’s Chairman and Chief Executive Officer. «Facing significant cost inflation, worldwide bottlenecks and shortages, and even a labor strike at all of our U.S. cereal facilities in the fourth quarter, the team executed with agility to deliver another year of on-guidance results.» Cahillane added, «We enter 2022 with growth momentum, financial flexibility from strong cash flow and balance sheet, and enhanced capabilities that will continue to enable us to manage through challenging business conditions.»