Kellogg posts higher sales in Q3, raises full year outlook

Kellogg Company reported net sales of $3.95 billion in the third quarter – up 9% from the previous year – on Thursday (Nov. 3) and raised its full-year earnings projections. 

The food manufacturer attributed that growth to positive price/mix, momentum in snacks, noodles and international cereal and the rebounding of its North America cereal business, which had to rebuild inventory following last year’s fire and strike. 

Kellogg touted its resilience in the face of high cost inflation, economy-wide bottlenecks and shortages as North American sales rose 14%. 

The company now estimates net sales to grow 10% instead of 7-8% for the year. 

“We’re pleased to report another quarter of better-than-expected financial performance and an increase to our outlook for the year,” Steve Cahillane, chairman and chief executive, said in a statement. “This required navigating effectively through global supply challenges and 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 North American cereal.”

Kellogg continues to work towards the planned separations of its North America cereal and plant-based businesses.