Kellogg Co. (K)

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Kellogg beats by $0.06, reports revs in-line; reaffirms prior FY15 guidance (K) : Reports Q1 (Mar) earnings of $0.98 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus Estimate of $0.92; revenues fell 5.0% year/year to $3.56 bln vs the $3.55 bln consensus.


•Co reaffirms previous FY15 guidance for currency-neutral comparable net sales, operating profit, and EPS. Currency-neutral comparable net sales are expected to remain approximately unchanged year-over-year. Kellogg expects full-year 2015 currency-neutral comparable operating profit to decrease at a rate between 2-4%. Full-year 2015 currency-neutral comparable EPS are anticipated to be in a range between 2% lower and approximately unchanged.
•"We were pleased to report improved sales trends in the first quarter. In fact, our results exceeded our expectations and we are on-track for the year...We've made great progress with Project K and are reinvesting to drive profitable sales growth."
•Net sales posted by Kellogg North America were $2.4 billion in Q1, a reported decrease of 3.7%.