Kellogg Company (NYSE: K) on Thursday reported higher adjusted earnings for the fourth quarter of 2022 amid an increase in revenues.
Net income, adjusted for special items, rose to $0.94 per share in the most recent quarter from $0.83 per share a year earlier. Meanwhile, on reported basis, the company posted a net loss of $98 million or $0.29 per share, compared to a profif of $433 million or $1.26 per share in the same period of last year.
Total sales increased 12% annually to $3.83 billion during the three-month period. The company also provided financial guidance for fiscal 2023.
Check this space to read management/analysts’ comments on Kellogg’s Q4 results
“Facing significant cost inflation, worldwide bottlenecks and shortages, and a significant inventory rebuild in North America cereal following last year’s fire and strike, the team executed with grit and agility to deliver another year of better-than-expected results, while at the same time making progress toward our planned transformation,” said Steve Cahillane, Kellogg’s CEO.