Kellogg Company (NYSE: K) today announced third-quarter 2018 results and updated its financial guidance for the remainder of the year.
Q3 Highlights:
• Sustained net sales growth, driven by both organic growth and acquisitions made over the past twelve months.
• Improving consumption trends demonstrated across key markets, categories and brands.
• Another substantial increase in brand investment, as well as continued increased costs related to expanding new pack formats
. • Continued earnings per share growth.
• Management updated its financial guidance* for the full year 2018, moving its outlook to the high end of its previously stated range for currency-neutral net sales growth, and decreasing its outlook for currency neutral adjusted operating profit and earnings per share to reflect increased investment and growth related costs and mix shifts.
"We continue to make tangible progress under our Deploy For Growth strategy, highlighted by changes we have made in our portfolio and investments we are making in winning occasions, building world class brands, and pursuing improved service and in-store execution,” said Steve Cahillane, Kellogg Company’s Chairman and Chief Executive Officer. “In the third quarter, we boosted investment behind our brands, capabilities, and new pack formats. This investment, along with our expansion and acceleration in international markets, has returned us to top-line growth this year. Despite their near-term impact on profit, we'll continue making these investments in the fourth quarter because we know they are putting us on a path for sustainable growth over time."
