Kellogg Raises Full-year Guidance - Quick Facts

(RTTNews) - Kellogg Company (K) said, for fiscal 2020, currency-neutral adjusted earnings per share is now estimated to decrease by approximately 1% year on year, from previous guidance of a decline in a range of 3-4%. Currency-neutral adjusted operating profit growth is now projected at a decline of approximately 1% year on year, an improvement from previous guidance of a decline of 4%.

For 2020, organic net sales growth is now expected at approximately 5% year on year, up from previous guidance of +1-2%.

For 2020, net cash provided by operating activities is now expected at $1.6 billion, the high end of the previous guidance range of $1.5-1.6 billion, with capital expenditure of approximately $0.6 billion. Cash flow is now anticipated at approximately $1 billion, the high end of the previous guidance range of $0.9-1.0 billion.

Second quarter adjusted earnings per share was $1.24 compared to $0.99, previous year. Currency-neutral adjusted earnings per share was $1.26 compared to $0.99. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $0.94, for the quarter. Analysts' estimates typically exclude special items. On an adjusted basis, operating profit increased by over 24%. Excluding currency translation, adjusted operating profit increased by approximately 27%.

Second quarter net sales were $3.47 billion, up 0.1% from a year ago. Organic net sales were $3.57 billion, an increase of 9.2%, for the quarter. Analysts expected revenue of $3.3 billion for the quarter.

Shares of Kellogg Company were up nearly 5% in pre-market trade on Thursday.