Kellogg Q4 Profit Beats Estimates, Organic Growth In Net Sales At 16.2%; Issues FY23 Guidance

Kellogg Company (K) reported that its fourth quarter adjusted operating profit increased by 16%, and by 20% excluding currency, from prior year. On an organic basis, net sales increased by 16% year on year. For 2023, the company expects strong currency-neutral growth in net sales and adjusted-basis operating profit.

Fourth quarter adjusted earnings per share was $0.94 compared to $0.83, prior year. Currency-neutral adjusted earnings per share was $0.97 compared to $0.83.

On average, 17 analysts polled by Thomson Reuters expected the company to report profit per share of $0.84, for the quarter. Analysts' estimates typically exclude special items.

Net loss to Kellogg was $98 million compared to profit of $433 million, last year. Reported loss per share was $0.29 compared to profit of $1.26.

Reported net sales were $3.83 billion, up 12.0% from last year. Organic growth in net sales was 16.2%, for the quarter. Analysts on average had estimated $3.66 billion in revenue.

For 2023, the company expects: organic net sales growth of 5-7%, adjusted operating profit growth of 7-9% on a currency-neutral basis, and adjusted earnings per share decline of 2-4% on a currency-neutral basis.

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