Battle Creek / MG. (kc) Kellogg Company announced second quarter 2023 results and raised its full-year sales and profit guidance. Highlights:
- Double-digit operating profit growth was driven by an earlier-than-expected recovery in the Company’s gross profit margin and by net sales growth.
- The Company delivered net sales growth that was broad-based with all regions in growth except for AMEA where currency translation was substantially adverse. On an organic basis, all regions remained in growth.
- Reflecting the strong second quarter and first half results, the Company again raised its guidance for organic basis net sales growth, as well as for currency-neutral, adjusted operating profit and earnings per share.
- The Company continues to progress towards its planned separation of its North America cereal business, which is expected to be completed during the fourth quarter.
- On August 9th, the Company will hold an Investor Day at which it will share the strategies, capital structures, and financial outlook for the two post-spin companies, Kellanova and WK Kellogg Co.
«Our second quarter featured continued strength of our brands, execution, and results,» said Steve Cahillane, Chairman and Chief Executive Officer. «Not only do we continue to grow net sales organically above our long-term targets, we are also seeing the results of our efforts to recover profit margins. These better-than-expected results and raised full-year outlook indicate a strong attention to business delivery, even as we execute the transformational separation of Kellogg Company into two, more focused companies: The global, snacking-oriented Kellanova, and our North America cereal business, WK Kellogg Co. That we are advancing toward the spin-off while delivering strong results is a credit to the engagement of our employees.» For additional information please read the Company’s PDF file below (155 KB):20230804-KELLOGG-Q2-2023