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TheStreet Open House

Kellogg Company Reports Second-Quarter Results And Reaffirms Full-Year Earnings Guidance On A Currency-Neutral Basis

Stock quotes in this article: K

BATTLE CREEK, Mich., Aug. 1, 2013 (GLOBE NEWSWIRE) -- Kellogg Company (NYSE:K) today announced second quarter 2013 reported net sales of $3.7 billion, an increase of 6.9 percent from the second quarter of 2012. Internal net sales*, which exclude the effects of foreign currency translation, acquisitions, dispositions, and integration costs, decreased by 0.5 percent over the same period. Quarterly operating profit was $570 million, a reported increase of 9.6 percent; underlying internal operating profit* increased by 3.4 percent. The growth in operating profit was achieved despite the continued effect of higher net inflation. Underlying internal results exclude the effects of foreign currency translation, acquisitions, dispositions, mark-to-market accounting, and integration costs.

Reported second quarter 2013 earnings were $352 million, or $0.96 per diluted share, an increase of seven percent from the earnings of $0.90 per diluted share reported in the second quarter of 2012. Comparable earnings*, which exclude the impact of mark-to-market accounting and the integration costs associated with the acquisition of Pringles, were $1.00 per share; this result represents 5.3 percent growth from comparable earnings of $0.95 last year. This quarter's reported earnings included $0.03 per share of integration costs associated with last year's acquisition and $0.01 per share of commodity-related mark-to-market impact.

* Internal sales growth, underlying internal operating profit growth, comparable earnings, internal operating profit growth and cash flow are all non-GAAP financial measures. See the tables herein for important information regarding these measures and a full reconciliation to the most comparable GAAP measure.

"We are reaffirming our full-year earnings guidance on a currency-neutral basis," said John Bryant, Kellogg Company's president and chief executive officer. "While sales growth has been slower than we anticipated in developed markets, particularly the U.S., the work we have been doing on our cost base has enabled us to offset the impact. In addition, we have now owned Pringles for more than a year. The integration has gone very well, and we remain excited regarding the opportunities we see for future growth."

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