Kellogg Company: Reports 2022 Third Quarter Results

Battle Creek / MG. (kc) Kellogg Company announced third quarter 2022 results and raised its full-year earnings guidance. Highlights:

• Another quarter of strong net sales growth, bolstered by positive price/mix, and led by momentum in snacks globally and in noodles and cereal in emerging markets, as well as continued rebound in North America cereal.
• Continued to mitigate the negative impacts on profit of high cost inflation, economy-wide bottlenecks and shortages through productivity and revenue growth management.
• Raised full-year guidance for organic-basis net sales growth, currency-neutral, adjusted operating profit and earnings per share; this reflects recent results, underlying trends, and confidence in its outlook.
• The Company continues to work towards its planned separations of its North America cereal and plant-based businesses.

«We’re pleased to report another quarter of better-than-expected financial performance and an increase to our outlook for the year,» said Steve Cahillane, Kellogg Company’s Chairman and Chief Executive Officer. Cahillane added, «This required navigating effectively through global supply challenges and working to offset cost pressures with productivity and revenue growth management, all while sustaining momentum in snacks and emerging markets, and continuing to recover inventory and share in North America cereal.»