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Kellogg profit and sales beat expectations

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Kellogg Co. K, +2.98% shares rose 2.3% in Thursday premarket trading after the food company reported fourth-quarter profit and sales that beat expectations. Net income totaled $433 million, or $1.26 per share, up from $205 million, or 59 cents per share, last year. Adjusted EPS of 83 cents beat the FactSet consensus for 79 cents. Sales of $3.421 billion were down from $3.464 billion but ahead of the FactSet consensus for $3.392 billion. Kellogg’s North America sales fell 3% due to supply disruptions, including those from a 12-week labor strike. For 2022, Kellogg is guiding for organic net sales growth of 3%. The FactSet consensus is for sales of $14.38 billion, implying 1.4% growth. Kellogg stock is up 6.1% over the past year while the S&P 500 index SPX, -0.55% has run up 17.3%.

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