- Kellogg sees EPS growth of 8-10%
- Foreign exchange continues to weigh
- CEO claims “strong performance”
Kellogg today (30 July) upped its earnings target after posting “better-than-expected” second-quarter results.
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Currency fluctuation weighed on the figures filed by the US-based cereal giant but CEO Dave Mackay insisted the numbers represented a “continuing strong performance”.
Operating profit climbed 4% to US$553m, although when foreign exchange is excluded from the results, growth was higher at 14%.
Net sales fell 3% to US$3.2bn due to the strong dollar, although underlying sales were up 3%.
Kellogg raised its earnings per share guidance to growth of 8-10% on a constant-currency basis.
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By GlobalDataClick here for the full second-quarter statement from Kellogg and click here for CEO Dave Mackay’s comments on the company’s performance in the US, in Europe – and his views on own label.
