Kellogg Company (NYSE: K) has reported a modest decline in first-quarter earnings despite an increase in revenues. Sales grew across all geographical segments except the U.S.
Net income, adjusted for special items, dropped to $1.10 per share in the most recent quarter from $1.11 per share a year earlier. Meanwhile, unadjusted profit rose to $422 million or $1.23 per share from $368 million or $1.07 per share.
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The company also provided guidance for the full fiscal year, projecting a 4% increase in organic sales and a 1-2% increase in adjusted operating profit. The management is looking for cash flows of $1.7-1.8 billion for fiscal 2022.