K - Kellogg boosts full-year outlook after Q3 earnings beat

Kellogg Company ( NYSE: K ) upped its full-year EPS and revenue expectations after posting a stronger than expected Q3 result.

For the reported quarter, adjusted EPS of $1.01 came in three cents higher than expected while a 9.1% jump in revenue to $3.95B, which was $170M better than analysts had anticipated. Management credited strong pricing actions for aiding the better than expected results as organic sales grew 13%.

"We're pleased to report another quarter of better-than-expected financial performance andan increase toour outlook forthe year," saidCEO Steve Cahillane. “This required navigating effectively through global supply challengesand working to offset cost pressures with productivity and revenue growth management, all while sustaining momentum in snacks and emerging markets, and continuing to recover inventory and share in NorthAmerica cereal."

For the full year, Kellogg ( K ) hiked full year sales growth forecasts to 10% or greater from a prior 7% to 8% expectation. Adjusted-basis operating profit growth of 6% on a currency neutral basis was also raised from a prior guide of 4% to 5% and adjusted EPS growth of 3%, up from  a prior 2% expectation.

Despite the raised forecast, shares of the Michigan-based cereal manufacturer fell 4.52% shortly after Thursday’s open.

Dig into the company’s valuation .

For further details see: