Kellogg Co (K) on Thursday revised up its full-year sales and profit forecasts and reported higher-than-expected quarterly sales, as its pricier breakfast cereals and snacks helped it overcome higher costs of freight, labor and ingredients.
Net sales went up to $3.86 billion during the quarter ended on July 2nd from $3.56 billion in the year-ago quarter. The median forecast by analysts had pointed to sales of $3.64 billion.
Kellogg said it now expected full-year core net sales to increase between 7% and 8%, or an upward revision from a previous forecast of about 4% growth.
The packaged food maker said average selling prices were 13.7% higher during the latest quarter, while sales volumes were 1.5% lower.
Net income attributable to shareholders, however, went down to $326 million ($0.95 per share) in the second quarter from $380 million ($1.11 per share) in the year-ago period.
The company now expects adjusted full-year operating profit to increase between 4% and 5% on a currency-neutral basis, which compares with a prior forecast of 1% to 2% growth.
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