Kellogg Co. (NYSE: K) today published its 2021 first-quarter earnings results in documents posted to the company's website. Documents immediately available include: the financial press release and tables, GAAP reconciliations and presentation slides.
- Kellogg’s first-quarter 2021 GAAP (or "reported") net sales increased 5% year on year to almost $3.6 billion, as elevated demand for packaged foods consumed at home and favorable currency translation more than offset continuing softness in away-from-home channels and on-the-go occasions.
- Reported operating profit in the first quarter increased by approximately 3% versus the year-ago quarter primarily due to net sales growth and resultant operating leverage, which more than offset unfavorable mark-to-market impacts. On an adjusted basis, operating profit grew by 13%,
- Reported earnings per share increased by about 6% from the prior-year quarter due to the higher reported operating profit despite a higher reported effective tax rate. On an adjusted basis, earnings per share increased 12%, and excluding currency translation, adjusted earnings per share increased by 8%.
- Year-to-date net cash provided by operating activities was $235 million. After capital expenditures of $173 million, cash flow, defined as net cash provided by operating activities less capital expenditure, was $62 million through the end of the first quarter.
Some of Kellogg's brands include Pringles, Cheez-It, Special K, Kellogg's Frosted Flakes and Corn Flakes, Pop-Tarts, Rice Krispies, Eggo, Mini-Wheats, Kashi, RXBAR and MorningStar Farms and more.
Kellogg's net sales in 2020 were approximately $13.8 billion, comprised principally of snacks and convenience foods like cereal, frozen foods and noodles.