Kellogg Reaffirms FY21 Adj. EPS Outlook; Q2 Results Top Estimates - Quick Facts

(RTTNews) - While reporting its financial results for the second quarter on Thursday, Kellogg Co. (K) reaffirmed its currency-neutral adjusted earnings growth guidance for the full year 2021.

For fiscal 2021, the company now projects currency-neutral adjusted earnings per share growth of about 1 to 2 percent on flat to 1 percent organic net sales growth.

Previously, the company expected currency-neutral adjusted earnings per share growth of about 1 to 2 percent on about flat organic net sales growth.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $4.07 per share on a revenue growth of 0.5 percent to $13.84 billion for the year. Analysts' estimates typically exclude special items.

For the second quarter, the company reported net income attributable to the company of $380 million or $1.11 per share, higher than $351 million or $1.02 per share in the prior-year quarter. Adjusted earnings per share for the quarter were $1.14, compared to $1.24 last year. Currency-neutral adjusted earnings were $1.08 per share.

Net sales for the quarter grew 2.6 percent to $3.56 billion from $3.47 billion in the same quarter last year. Organic net sales edged down 0.4 percent.

The Street was looking for earnings of $1.02 per share on revenues of $3.41 billion for the quarter.