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%.