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Apr 03, 2021
Kellanova Q1 2021 Earnings Report
Reported strong first quarter results and raised full-year outlook.
Key Takeaways
Kellogg Company reported strong first quarter 2021 results with net sales growth broad-based across regions and global categories, and operating profit and earnings per share grew on top of year-ago exceptional growth. On the strength of this performance, the Company increased its full-year financial outlook.
Kellogg continued to execute well against its priorities of protecting employees' health and safety, supplying food to the marketplace, and aiding communities during the COVID-19 pandemic.
Strong net sales growth was broad-based across regions and global categories despite lapping exceptional year-ago performance.
Operating profit and earnings per share grew on top of year-ago exceptional growth as higher net sales and operating leverage resulted in balanced financial delivery.
Kellogg increased its full-year financial outlook.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Kellogg Company raised its full-year financial guidance on the strength of its first quarter results.
Positive Outlook
- Organic net sales growth is now expected to finish 2021 approximately flat year on year, up from previous guidance of a decline of approximately (1)%. This implies a 2-year compound annual growth rate of almost 3%.
- Currency-neutral adjusted operating profit growth is now projected to decline approximately (1)% - (2)% year on year, an improvement from previous guidance of a decline of approximately (2)%. This equates to a 2-year compound annual growth rate of approximately 4% excluding since-divested businesses from the 2019 base.
- Currency-neutral adjusted earnings per share for the full year is now estimated to increase by approximately +1% - 2% year on year, an improvement from previous guidance +1%. This implies a 2-year compound annual growth rate of approximately 5% excluding since-divested businesses from the 2019 base.
- Net cash provided by operating activities is now expected to finish 2021 at approximately $1.6 - $1.7 billion, above the previous guidance range of $1.6 billion.
- Cash flow is now expected to finish 2021 at $1.1 - $1.2 billion, an increase from the previous guidance of approximately $1.1 billion.
Challenges Ahead
Historical Earnings Impact
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