Battle Creek / MG. (kc) Kellogg Company announced stronger-than-expected second quarter 2021 results and affirmed its full-year financial guidance. Second quarter highlights:
- During the global Covid-19 pandemic and unprecedented operating environment, Kellogg continues to execute well against its priorities of protecting our employees’ health and safety, supplying food to the marketplace, and aiding our communities.
- Net sales grew on top of a notably strong year-earlier period, led by double-digit growth in the Company’s emerging markets businesses.
- Around the world, the Company sustained momentum across many key brands, continuing to outpace their categories’ consumption growth on a 2-year compound annual growth basis.
- Despite comparing against outsized operating leverage in the year-earlier quarter, Kellogg’s operating profit was roughly flat year on year, as the Company managed effectively through widespread supply chain challenges and high cost inflation across the broader economy.
- Reflecting underlying business momentum, Kellogg raised its full-year outlook for net sales, while affirming its guidance for operating profit, earnings per share, and cash flow to reflect a higher-cost business environment.
«Our second quarter results again highlighted the resilience and determination of our organization as well as the effectiveness of our Deploy for Growth strategy and reshaped portfolio,» said Steve Cahillane, Chairman and Chief Executive Officer. «On a 2-year basis, taking into account the lapping of an unusual 2020, we continued to deliver a balance of strong top-line growth, consumption growth, profitability, and cash flow generation.» Cahillane added, «We delivered these results amidst a challenging business environment that included pervasive shortages of materials, freight, and labor, and accompanying cost inflation. By executing our strategy, we remain on track to deliver our full-year guidance even as these conditions persist.» For additional information please read the PDF file on the Company’s web server.
