Kellogg Boosts FY21 Outlook As Q1 Results Top View - Quick Facts

While reporting its financial results for the first quarter on Thursday, Kellogg Co. (K) raised its adjusted earnings and organic net sales growth guidance for the full year 2021.

For fiscal 2021, the company now projects currency-neutral adjusted earnings per share growth of about 1 to 2 percent on about flat organic net sales growth.

Previously, the company expected currency-neutral adjusted earnings per share growth of about 1 percent on an organic net sales decline of about 1 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $3.99 per share on a revenue decline to 1.2 percent to $13.61 billion for the year. Analysts' estimates typically exclude special items.

For the first quarter, the company reported net income attributable to the company of $368 million or $1.07 per share, higher than $347 million or $1.01 per share in the prior-year quarter. Adjusted earnings per share for the quarter were $1.11, compared to $0.99 last year.

Net sales for the quarter grew 5 percent to $3.58 billion from $3.41 billion in the same quarter last year. Organic net sales growth was 4.2 percent.

The Street was looking for earnings of $0.96 per share on revenues of $3.38 billion for the quarter.

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