Kellogg (K) Tops Q3 EPS by 9c; Raises Outlook
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Kellogg (NYSE: K) reported Q3 Comparable EPS of $0.96, $0.09 better than the analyst estimate of $0.87. Revenue for the quarter came in at $3.25 billion versus the consensus estimate of $3.28 billion. Currency-Neutral Comparable EPS was $1.00.
The Company increased its full-year guidance for earnings per share on a currency-neutral comparable basis. Specifically, it raised its guidance range by about a nickel, to $4.16-$4.23, reflecting the lower effective tax rate it realized during Q3.
"Our third quarter earnings exceeded our expectations, on the strength of good operating margin expansion and a favorable tax rate," said John Bryant, Kellogg Company's chairman and chief executive officer. "Our sales were affected by trade-inventory reductions in U.S. cereal, a challenging U.K. market, and portfolio transformations that have taken longer than anticipated to execute. However, we did realize growth in U.S. Snacks, U.S. Specialty Channels, Latin America, and Asia-Pacific, and every Region posted operating-profit margin expansion. Most importantly, we continued to make progress against priorities that will enable improved performance in Q4 and in 2017."
For earnings history and earnings-related data on Kellogg (K) click here.
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