Battle Creek / MG. (kc) Kellogg Company reported financial results for the third quarter ended September 28, 2019 and reaffirmed its full-year financial guidance. Highlights:
- As previously announced, completed divestiture in late July, which adversely impacted reported results.
- Due to the divestiture, reported net sales declined by approximately (3) percent in the quarter.
- Organic net sales growth, which excludes the impact of the divestiture and currency translation, exceeded 2 percent in the quarter.
- Growth momentum was sustained in snacks, frozen foods, and emerging markets.
- The Company reaffirmed its full-year 2019 guidance for net sales, operating profit, earnings per share and cash flow.
«We remain squarely on strategy and on plan, and this is reflected in our third quarter results,» said Steve Cahillane, Kellogg Company’s Chairman and Chief Executive Officer. «Our reshaped portfolio is doing what it is intended to do, focusing on our higher growth categories and markets. We have revitalized key brands through improved brand-building and enhanced innovation. And, as we move past our heaviest investments and costs, we are on track for delivering gradual improvement in profitability. While fully recognizing that we still have work to do, I’m very pleased with our progress.»
For detailed information please read the Company’s PDF file on the Company’s server.