Kellogg (K) reported earnings on Thur 5 May 22 (b/o)

 ** charts after earnings **

** 1 month later  **

Kellogg beats by $0.17, beats on revs, raises FY22 organic net sales growth guidance, affirms adjusted EPS growth guidance on currency-neutral basis

• Reports Q1 (Mar) earnings of $1.10 per share, $0.17 better than the S&P Capital IQ Consensus of $0.93; revenues rose 2.5% year/year to $3.67 bln vs the $3.59 bln S&P Capital IQ Consensus.
• Organic new sales up 4.2%.
• Kellogg North America's reported net sales in the first quarter declined by less than 1%, as growth momentum in snacks and positive price/mix from revenue growth management actions were offset by volume declines related to lapping strong 2-year comparisons and to supply disruptions, most notably low cereal inventory stemming from last year's fire and labor strike.
• Kellogg Europe's first quarter reported net sales increased 2%, as price/mix growth more than offset a modest volume decline related to lapping strong 2-year comparisons, and significantly adverse currency translation. 
• Kellogg Latin America's first quarter reported net sales increased 8%, as price/mix growth more than offset a decline in volume against a strong year-earlier gain, and additionally aided by favorable currency translation.
• Full-Year Financial Guidance: Raises its guidance for organic-basis net sales growth to approximately 4%, from its prior guidance of approximately 3%. Affirms its guidance for adjusted-basis operating profit growth of 1-2% on a currency-neutral basis. Affirms its guidance for adjusted-basis earnings per share growth of 1-2% on a currency-neutral basis.