Kellogg raises annual profit forecast as coronavirus boosts demand for Fruit Loops, waffle mixes
The company forecast full-year organic net sales to rise about 5%
(Reuters) - Cereal maker Kellogg Co raised its full-year sales and profit forecast on Thursday, buoyed by rising demand for its Corn Flakes, Fruit Loops and waffle mixes among consumers stuck at home due to the COVID-19 pandemic.
The company reported net sales of $3.47 billion in the three months ended June 27, roughly flat from a year ago, due to the sale of its Keebler cookie business last year. Analysts had expected net sales of $3.30 billion, according to IBES data from Refinitiv.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| K | KELLANOVA | 58.45 | -0.30 | -0.51% |
The company forecast full-year organic net sales to rise about 5%, ahead of a prior forecast of a 1% to 2% increase, and its adjusted earnings per share to fall about 1%, compared with previous outlook of a 3% to 4% fall.
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(Reporting by Mehr Bedi and Uday Sampath in Bengaluru; Editing by Rashmi Aich)