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Stock Alert: Kellogg Edges Up

Shares of Kellogg Company (K) gapped-up more than 4% Thursday morning. The ready-to-eat cereal maker reported upbeat first-quarter results today.

Earnings of $1.00 per share beat the consensus estimate of analysts polled by Thomson Reuters at $0.95.

Net sales were down 3.2% year-on-year at $3.412 billion, on the impact of a recent divestiture. Analysts were expecting $3.39 billion. More than half of the first-quarter sales were attributed to purchases during the global COVID-19 pandemic.

Globally, demand for the Company's products increased significantly in March, as consumers around the world stocked up on packaged foods amidst stay-at-home mandates.

"Our Deploy For Growth strategy has continued to improve the underlying performance of
our business, and our financial condition is solid as we manage through the crisis. In the meantime, we are taking prudent steps to deliver stable and dependable performance now and into the future," said Steve Cahillane, Kellogg Company's Chairman and Chief Executive Officer.

Kellogg stock is currently up 1.85% at $66.07. It has traded in the range of $51.34- $71.05 in the last 52 weeks.

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