Battle Creek / MG. (kc) Kellogg Company announced fourth quarter and full year 2022 results and provided a financial outlook for 2023. Highlights:
- The Company delivered full-year financial results that exceeded its twice-raised guidance for currency-neutral growth in net sales, operating profit, and earnings per share, in spite of a challenging operating environment that featured high cost inflation and worldwide supply disruptions.
- Strong net sales growth in the quarter and the full year was driven by revenue growth management actions, momentum in snacks and emerging markets, and North America cereal’s continued recovery from the prior year’s fire and strike.
- Reflecting its current business momentum, the Company issued 2023 financial guidance that calls for another year of strong currency-neutral growth in net sales and adjusted-basis operating profit.
- The Company continues to work towards its previously announced spin-off of its North America cereal business by year end. After exploring strategic options, the Company has decided to retain its plant-based business, which represents 2 percent of net sales and offers strong long-term growth prospects.
«Reflecting on 2022, I could not be more proud of our organization’s focus and determination to work through challenges and deliver on our financial commitments,» said Steve Cahillane, Chairman and Chief Executive Officer. «Facing significant cost inflation, worldwide bottlenecks and shortages, and a significant inventory rebuild in North America cereal following last year’s fire and strike, the team executed with grit and agility to deliver another year of better-than-expected results, while at the same time making progress toward our planned transformation. We enter 2023 in solid financial condition with strong momentum around the world. And we remain as convinced as ever that the pending separation of our company will create value for all stakeholders,» Cahillane added.
For additional information please read the company’s PDF file below (162 KB):
20230210-KELLOGG-FY2022.
