First quarter bottom line came in at $298 million, or $0.86 per share compared with $422 million, or $1.23 per share, prior year. Excluding items, Kellogg reported adjusted earnings of $1.10 per share for the period. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $0.99, for the quarter. Analysts' estimates typically exclude special items.
The company's revenue for the quarter rose 10.4% to $4.05 billion from $3.67 billion last year. Analysts on average had estimated $3.95 billion in revenue.
For 2023, the company increased its organic-basis net sales growth guidance to a tightened range of 6% to 7%, from prior guidance of 5 to 7%. The company also increased guidance for an adjusted basis earnings per share decline to 1% to 3% on a currency-neutral basis, from prior guidance of approximately 2% to 4%.
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