Kellogg snack sales growing rapidly
BATTLE CREEK, MICH. — Gaudy growth figures across numerous snack brands helped Kellogg Co. generate better-than-anticipated financial results in its first quarter ended April 2. Additionally, the company’s North American ready-to-eat cereal business appeared to be shaking off the effects of last year’s labor strike and fire faster than anticipated.
Responding to the results and improved guidance for 2022 sales, Kellogg Co. shares climbed as much as 4.7% in May 6 trading on the New York Stock Exchange (on a day the S&P 500 dropped 2.8%), and closed the session at $70.23, up $2.38 per share.
Kellogg net income in the first quarter was $424 million, equal to $1.24 per share on the common stock, up 15% from $371 million, or $1.07 per share, in the first quarter of 2021. Net sales were $3.67 billion, up 2.5% from $3.58 billion a year earlier.
“The strength of our portfolio is evident, as we more than offset the sales and cost impact…
