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Kellogg Reaffirms Financial Outlook - Quick Facts

Kellogg Company (K) reaffirmed its 2019 guidance for net sales, operating profit, earnings per share and cash flow. Net sales growth is still expected to be up 1-2% year on year on both a currency-neutral and organic basis. Currency-neutral adjusted earnings per share is expected to decline by approximately 10 percent, at the favorable end of the prior guidance range of a decline of 10 percent to 11 percent. Currency-neutral adjusted operating profit expectations continue to be for a decline in the range of 4 percent to 5 percent.

For the third-quarter, adjusted earnings per share was $1.03 compared to $1.06, prior year. Currency-neutral adjusted earnings per share was $1.05 compared to $1.06. On average, 19 analysts polled by Thomson Reuters expected the company to report profit per share of $0.91, for the quarter. Analysts' estimates typically exclude special items. Currency-neutral adjusted operating profit declined 4.4 percent to $450 million.

Third-quarter reported net sales declined by approximately 3 percent to $3.37 billion from prior year. Currency-neutral net sales declined 1.5 percent to $3.42 billion. Organic net sales were up 2.4 percent, for the quarter. Analysts expected revenue of $3.35 billion, for the quarter.

Shares of Kellogg Company were up more than 3% in pre-market trade on Tuesday.

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