Kellogg Co. (NYS:K) reported second-quarter net income of $380 million, or $1.11, up from $351 million, or $1.02 per share, last year. Adjusted EPS of $1.14 beat the FactSet consensus for $1.03. Revenue of $3.555 billion was up from $3.465 billion last year and also ahead of the FactSet consensus for $3.431 billion. Kellogg now expects organic net sales for 2021 to be flat to up 1%, slightly up from previous guidance for flat sales. The FactSet consensus is for sales of $13.886 billion, implying a 0.8% increase. Kellogg stock rose 1.2% in Thursday premarket trading, though shares are down 0.3% for the year to date. The S&P 500 index (S&P:SPX) has gained 17.2% for 2021 so far.
Aug. 5, 2021, 8:20 a.m. EDT