- Kellogg Company (NYSE:K) reported fourth-quarter FY22 sales growth of 12% year-on-year to $3.83 billion, beating the consensus of $3.66 billion.
- On an organic basis, which excludes the impact of currency, net sales increased by 16% year on year.
- Adjusted EPS of $0.94 beat the analyst consensus of $0.84.
- Kellogg North America’s sales increased 14%, Europe fell 1%, Latin America’s sales gained 22%, Asia Pacific, Middle East, and Africa’s sales jumped 13%.
- Selling, general and administrative expenses rose 21.8% Y/Y to $825 million.
- Operating margin was 8.7%, and operating income for the quarter increased 2% to $335 million.
- The company’s reported gross margin expanded 90 basis points to 30.3%, while the adjusted gross margin expanded 120 basis points to 31.4%.
- Kellogg held $299 million in cash and equivalents as of December 31, 2022, and generated an operating cash flow of $1.65 billion for the year.
- “Facing significant cost inflation, worldwide bottlenecks and shortages, and a significant inventory rebuild in North America cereal following last year’s fire and strike, the team executed with grit and agility to deliver another year of better-than-expected results, while at the same time making progress toward our planned transformation,” said Chairman and CEO Steve Cahillane.
- Outlook: Kellogg sees FY23 organic net sales growth of 5% – 7%. Kellogg expects FY23 adjusted EPS decline of (2)% – (4)% on a currency-neutral basis.
- Price Action: K shares are trading lower by 0.47% at $66.88 on the last check Thursday.
On January 13 2023, Rio Tinto Trials Renewable Diesel At U.S. Operations; Progressing Plans To Swap Conventional Diesel For Renewable Fuel In Haul Trucks At Its U.S. Operations To Reduce Carbon Footprint Of Its Fleet
https://www.riotinto.com/news/releases/2023/Rio-Tinto-trials-renewable-diesel-at-U,-d-,S,-d-,-operations
California and SALT LAKE CITY, Utah – Rio Tinto is progressing plans to swap conventional diesel for renewable fuel in haul trucks at its U.S. operations to reduce the carbon footprint of its fleet.
