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April 30, 2020, 8:19 a.m. EDT

Kellogg beats earnings expectations, with more than half of its growth resulting from COVID-19-related demand

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By Tomi Kilgore
K SPX

Shares of Kellogg Co. /zigman2/quotes/209631250/composite K -0.86% reported Thursday first-quarter earnings that beat expectations, with the cereal and snacks company estimating that a little more than half of the growth during the quarter a result of increased consumer demand during the COVID-19 pandemic. The stock slipped 0.3% in premarket trading. Net income rose to $350 million, or $1.01 a share, from $285 million, or 82 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share slipped to 99 cents from $1.01, but beat the FactSet consensus of 95 cents. Sales fell 3.1% to $3.41 billion, reflecting the divestiture of its cookies, fruit snacks, pie crusts and ice cream cones businesses, but was above the FactSet consensus of $3.39 billion. Sales of cereal rose 2.7% and frozen products increased 8.4%, while snacks sales fell 17.3%. Kellogg affirmed its 2020 adjusted EPS outlook for a decline of 3% to 4%, with the FactSet consensus of $3.86 implying a 3.5% decline, and its cash flow guidance of $900 million to $1.0 billion. The stock has slipped 5.8% over the past three months through Wednesday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.74% has declined 10.5%.

/zigman2/quotes/209631250/composite
US : U.S.: NYSE
$ 66.95
-0.58 -0.86%
Volume: 3.93M
May 7, 2021 4:00p
P/E Ratio
18.47
Dividend Yield
3.47%
Market Cap
$22.98 billion
Rev. per Employee
$444,194
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/zigman2/quotes/210599714/realtime
US : S&P US
4,232.60
+30.98 +0.74%
Volume: 2.05B
May 7, 2021 5:15p
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