FILE PHOTO- Kellogg’s Corn Flakes, owned by Kellogg Company, are seen for sale in a store in Queens, New York City, U.S., February 7, 2022. REUTERS/Andrew Kelly
February 10, 2022
(Reuters) -Kellogg Co beat Wall Street estimates for quarterly sales on Thursday as higher product prices offset pressure from reduced demand for its snacks and cereals.
Increasing costs for freight and ingredients such as wheat, corn and edible oils due to global supply chain snarls have significantly hurt margins for packaged food companies, leaving them with little choice but to hike prices.
Net income attributable to Kellogg rose to $433 million, or $1.26 per share in the fourth quarter ended Jan. 1, from $205 million, or 59 cents per share, a year earlier.
Net sales fell to $3.42 billion in the fourth quarter from $3.46 billion a year earlier. Analysts on average had expected sales of $3.39 billion, according to Refinitiv IBES.
(Reporting by Mehr Bedi in Bengaluru; Editing by Ramakrishnan M.)
Source: One America News Network
