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Kellogg Company Affirms Full-year Financial Guidance - Quick Facts

Kellogg Company (K) affirmed its full-year financial guidance, with sales and profit delivery shifting toward the first half of the year. Adjusted earnings per share, on a currency-neutral basis, is projected to decline in a range of 3% to 4%. Adjusted operating profit on a currency-neutral basis is anticipated to decline approximately 4%, for the fiscal year. The company continues to target organic net sales growth in a range of 1% to 2%.

On an adjusted basis, first quarter earnings per share declined by about 2% to $0.99, due to the absence of results from the divested businesses, as well as adverse currency translation. On a currency-neutral basis, adjusted earnings per share declined approximately 1% to $1.00, as the divestiture impact more than offset growth in the remaining businesses. Excluding currency translation, adjusted operating profit declined by approximately 4%, for the quarter.

First quarter net sales decreased by approximately 3% year on year to $3.41 billion, reflecting the impact of a recent divestiture. On an organic basis, which excludes the impact of divestiture and currency, net sales increased by 8%, for the quarter.

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