Battle Creek / MG. (kc) Kellogg Company announced third quarter 2021 results and reaffirmed its full-year financial guidance. Third quarter highlights:
- Sustained net sales growth, led by international momentum and positive price/mix.
- Increased operating profit year on year, in spite of high costs and economy-wide supply challenges.
- Continued to outpace category consumption growth in most key markets on a 2-year compound annual growth basis, led by many of the Company’s biggest brands.
- Reflecting underlying business momentum, Kellogg raised its full-year outlook for net sales, while reaffirming its guidance for operating profit, earnings per share, and cash flow to reflect a current business environment of supply challenges and higher costs.
«I’m incredibly proud of how our organization has executed through an extremely difficult operating environment, marked by economy-wide bottlenecks and shortages and high cost inflation,» said Steve Cahillane, Kellogg Company’s Chairman and Chief Executive Officer.
«That we could deliver strong third-quarter results and reaffirm our full-year earnings guidance in this environment is a testament to our strategy, our portfolio, and our people,» said Steve Cahillane, Chairman and Chief Executive Officer. «These business conditions do not get any easier in the fourth quarter, especially with the added challenge of a current labor disruption. However, our underlying business momentum remains strong, particularly for our biggest snacking and frozen foods brands, and for our businesses in emerging markets. And we will continue to navigate through the various supply challenges, with an eye to sustaining balanced financial growth over time.»
For additional information please read the PDF file on the Company’s web server.