Kellogg (NYSE: K) reported a 3% decline in net sales for the first quarter of 2020 due to the impact of a recent divestiture. However, the results exceeded analysts’ expectations.
The absence of results in the quarter from the late July 2019 divestiture of the company’s cookies, fruit snacks, pie crusts, and ice cream cones businesses pulled down net sales by over 9% while adverse currency translation negatively impacted sales by nearly 2%.

The bottom line jumped by 23% owing primarily to favorable swing in mark-to-market adjustments and lower business and portfolio realignment charges. On an adjusted basis, earnings per share declined by 2% due to the absence of results from the divested businesses as well as adverse currency translation.

Kellogg affirmed its full-year financial guidance, with sales and profit delivery shifting toward the first half of the year. Organic net sales are expected to grow 1-2% from last year while adjusted earnings per share, on a currency-neutral basis, are anticipated to fall by 3-4% as the absence of results from divested businesses more than offsets growth in the base business.
Past Performance
Kellogg Q4 2019 Earnings Results
Kellogg Q3 2019 Earnings Performance
Most Popular
Disney (DIS): A look at the major winning points for its streaming business
Shares of the Walt Disney Company (NYSE: DIS) have been rallying since the entertainment leader delivered strong results for its third quarter of 2022 a day ago. The stock was
KSS Stock: After terminating sale talks, what awaits Kohl’s this year
Kohl’s Corporation (NYSE: KSS) has been on investors' radar ever since the retailer put itself up for sale earlier this year, after coming under pressure from activist investors. Putting an
Walt Disney Company (DIS) Q3 revenues, earnings beat Street view
Entertainment behemoth The Walt Disney Company (NYSE: DIS) on Wednesday reported higher revenues and earnings for the third quarter of 2022. The results also topped expectations. Third-quarter revenues of the Los