Kellogg (K) Tops Q4 EPS by 9c

Kellogg (NYSE: K) reported Q4 EPS of $0.94, $0.09 better than the analyst estimate of $0.85. Revenue for the quarter came in at $3.83 billion versus the consensus estimate of $3.66 billion.

The Company issued its initial financial guidance for 2023. The Company is projecting:

• Organic net sales growth of 5-7%, driven by price/mix growth and led by sustained momentum in snacks and emerging markets.
• Adjusted operating profit growth of 7-9% on a currency-neutral basis as margins stabilize amidst persistent cost inflation.
• Adjusted earnings per share decline of (2)-(4)% on a currency-neutral basis which includes a an approximate (7)% impact from the remeasurement of pension/post-retirement plans, reflecting last year's sharp decline in financial markets, and it also is impacted by a significant increase in interest expense due to higher interest rates.
• Net cash provided by operating activities of approximately $1.7-1.8 billion, with capital expenditure of about $0.7 billion including capital expenditure related to the pending separation. As a result, cash flow is expected to be $1.0-1.1 billion. This is below 2022 levels due solely to approximately $0.3 billion of up-front charges and capital expenditure related to the Company's pending separation, without which cash flow would be higher year on year.
  

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

You May Also Be Interested In

• onsemi downgraded by TD Cowen after Synaptics deal clouds growth story
• H.B. Fuller (FUL) Tops Q2 EPS by 3c; Offers Outlook
• BlackBerry (BB) Tops Q1 EPS by 1c, Offers Guidance