Kellogg (NYSE: K) reported Q1 EPS of $1.11, $0.15 better than the analyst estimate of $0.96. Revenue for the quarter came in at $3.58 billion versus the consensus estimate of $3.38 billion.

Kellogg Company raised its full-year financial guidance on the strength of its first quarter results. Specifically, the Company's revised guidance for the full year is:

• Organic net sales growth is now expected to finish 2021 approximately flat year on year, up from previous guidance of a decline of approximately (1)%. This implies a 2-year compound annual growth rate of almost 3%.

• Currency-neutral adjusted operating profit growth is now projected to decline approximately (1)% - (2)% year on year, an improvement from previous guidance of a decline of approximately (2)%. This equates to a 2-year compound annual growth rate of approximately 4% excluding since-divested businesses from the 2019 base.

• Currency-neutral adjusted earnings per share for the full year is now estimated to increase by approximately +1% - 2% year on year, an improvement from previous guidance +1%. This implies a 2-year compound annual growth rate of approximately 5% excluding since-divested businesses from the 2019 base. 3

• Net cash provided by operating activities is now expected to finish 2021 at approximately $1.6 - $1.7 billion, above the previous guidance range of $1.6 billion, with capital expenditure of approximately $0.5 billion. As a result, cash flow is now expected to finish 2021 at $1.1 - $1.2 billion, an increase from the previous guidance of approximately $1.1 billion.

Excluded from this guidance are any significant supply chain or other prolonged market disruptions related to the pandemic or global economy.

For earnings history and earnings-related data on Kellogg (K) click here.