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Kellogg Q2 Profit Declines, Yet Beats Estimates; Raises FY22 Growth Outlook

Kellogg Co. (K) Thursday reported second-quarter profit that declined from the previous year, but beat the estimates. Sales for the quarter increased from the prior year.

Snacks and convenience foods manufacturers reported quarterly earnings of $326 million, down from $380 million in the prior year. On a per share basis, earnings were $0.96, lower than $1.11 a year ago. On an adjusted basis, earnings were $1.18 per share.

On average, 17 analysts polled by Thomson Reuters expected the company to earn $1.05 per share. Analysts estimates usually exclude special items.

Net sales for the quarter were $3.864 billion, compared to $3.555 billion a year ago. Analysts were looking for revenue of $3.64 billion.

Kellogg said its sales growth was led by snacks globally, and international momentum in noodles and cereal.

The company recorded a faster-than-expected recovery in North America cereal, bolstered by positive price/mix.

The company raised full-year adjusted earnings share growth to approximately 2 percent on a currency-neutral basis, up from the previous outlook of 1-2 percent growth.

Full-year sales growth is now projected to be up 7-8 percent, while early guidance was up approximately 4 percent.

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