NYSE$K
Kellanova · Q3 2021 earnings
Q3 2021 earnings · · Investor relations
Briefing
Kellogg Company reported third quarter results and reaffirmed its full-year financial guidance.
Kellogg Company's third quarter 2021 net sales increased, led by international momentum and positive price/mix. The company increased operating profit year on year, despite high costs and economy-wide supply challenges. Kellogg raised its full-year outlook for net sales, while reaffirming its guidance for operating profit, earnings per share, and cash flow to reflect a current business environment of supply challenges and higher costs.
- Sustained net sales growth, led by international momentum and positive price/mix.
- Increased operating profit year on year, in spite of high costs and economy-wide supply challenges.
- Continued to outpace category consumption growth in most key markets on a 2-year compound annual growth basis, led by many of the Company's biggest brands.
- Reflecting underlying business momentum, Kellogg raised its full-year outlook for net sales, while reaffirming its guidance for operating profit, earnings per share, and cash flow to reflect a current business environment of supply challenges and higher costs.
Headline financials
Revenue & EPS history
Kellanova · Revenue · Quarterly
$3.62B
Revenue by segment
Kellanova · $3.62B total across 4 segments · Q3 2021
- North America$2.06B-0.2%56.8%
- AMEA$683M+17.4%18.9%
- Europe$631M+14.3%17.4%
- Latin America$252M+6.8%7.0%
Forward guidance
Kellogg Company reaffirmed its full-year financial guidance for operating profit, earnings per share and cash flow, as an improved outlook for net sales is offset by the impact of industry-wide and Kellogg-specific supply chain challenges, and high cost inflation expected to persist.
Tailwinds
- Organic net sales growth is now expected to be 2-3% in 2021, an increase from the prior guidance of 0 - 1%, despite lapping last year's exceptional growth.
- This implies a 2-year compound annual growth rate of more than 3%.
- The outlook for currency-neutral adjusted operating profit remains for a decline of approximately (1)% - (2)% year on year as it laps last year's exceptional growth.
- This equates to a 2-year compound annual growth rate of almost 4% excluding since-divested businesses from the 2019 base.
- The outlook for currency-neutral adjusted earnings per share remains approximately +1 - 2% growth.
Headwinds
- This implies a 2-year compound annual growth rate of almost 5% excluding since-divested businesses from the 2019 base.
- The outlook for net cash provided by operating activities remains approximately $1.6 - $1.7 billion, with capital expenditure of approximately $0.5 billion.
- As a result, the outlook for cash flow is $1.1 - $1.2 billion.
- Due to the current supply and labor challenges, operating profit, earnings per share, and cash flow could finish at the lower end of these guidance ranges.
- Excluded from this guidance are any significant disruptions related to the pandemic, the global economy, a prolonged U.S. labor strike, or unexpected events that may be realized in the remainder of the year.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 15 quarterly earnings reports
+0.6%
Avg return
Earnings day
+2.4%
Avg return
5 days after
+1.4%
Avg return
30 days after
49%
33 / 67 earnings
Positive
+8.9%
Q2 2019
Best reaction
-10.9%
Q3 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | — | — | — | |
| Q4 2025 | — | — | — | |
| Q3 2025 | +0.1% | +0.2% | +0.7% | |
| Q2 2025 | -0.0% | -0.1% | -0.4% | |
| Q1 2025 | -0.0% | -0.9% | -0.6% | |
| Q4 2024 | +0.3% | +0.4% | +0.7% | |
| Q3 2024 | -0.3% | +0.0% | +0.3% | |
| Q2 2024 | +8.3% | +26.1% | +38.3% | |
| Q1 2024 | +6.2% | +8.2% | +5.8% | |
| Q4 2023 | -0.4% | +1.0% | +1.0% | |
| Q3 2023 | +2.2% | +2.6% | +5.5% | |
| Q2 2023 | -2.8% | -4.8% | -10.2% | |
| Q1 2023 | -1.7% | -1.5% | -5.8% | |
| Q4 2022 | +0.7% | -0.0% | -5.0% | |
| Q3 2022 | -7.9% | -5.8% | -2.6% | |
| Q2 2022 | +1.5% | +1.7% | -1.7% | |
| Q1 2022 | +7.2% | +7.5% | -0.2% | |
| Q4 2021 | +3.5% | +4.6% | -3.1% | |
| Q3 2021 | -1.2% | — | — | |
| Q2 2021 | +1.9% | — | — | |
| Q1 2021 | +6.2% | — | — | |
| Q4 2020 | -1.3% | — | — | |
| Q3 2020 | -0.9% | — | — | |
| Q2 2020 | -2.7% | — | — | |
| Q1 2020 | -0.1% | — | — | |
| Q4 2019 | -7.5% | — | — | |
| Q3 2019 | +4.6% | — | — | |
| Q2 2019 | +8.9% | — | — | |
| Q1 2019 | -4.9% | — | — | |
| Q4 2018 | -6.4% | — | — | |
| Q3 2018 | -10.9% | — | — | |
| Q2 2018 | +3.9% | — | — | |
| Q1 2018 | +5.5% | — | — | |
| Q4 2017 | +4.9% | — | — | |
| Q3 2017 | +7.0% | — | — | |
| Q2 2017 | +3.2% | — | — | |
| Q1 2017 | +2.5% | — | — | |
| Q4 2016 | +3.4% | — | — | |
| Q3 2016 | -0.1% | — | — | |
| Q2 2016 | +2.0% | — | — | |
| Q1 2016 | -2.6% | — | — | |
| Q4 2015 | +5.8% | — | — | |
| Q3 2015 | -2.7% | — | — | |
| Q2 2015 | +3.9% | — | — | |
| Q1 2015 | -1.8% | — | — | |
| Q4 2014 | -4.7% | — | — | |
| Q3 2014 | +2.4% | — | — | |
| Q2 2014 | -3.6% | — | — | |
| Q1 2014 | -1.8% | — | — | |
| Q4 2013 | +1.7% | — | — | |
| Q3 2013 | +1.3% | — | — | |
| Q2 2013 | -1.5% | — | — | |
| Q1 2013 | -1.5% | — | — | |
| Q4 2012 | +1.5% | — | — | |
| Q4 2011 | +2.0% | — | — | |
| Q3 2012 | +2.6% | — | — | |
| Q2 2012 | +5.3% | — | — | |
| Q1 2012 | -0.3% | — | — | |
| Q3 2011 | -1.0% | — | — | |
| Q2 2011 | -1.4% | — | — | |
| Q1 2011 | -0.4% | — | — | |
| Q1 2010 | +1.0% | — | — | |
| Q4 2007 | -0.3% | — | — | |
| Q4 2010 | -0.3% | — | — | |
| Q3 2009 | +0.8% | — | — | |
| Q3 2010 | +0.8% | — | — | |
| Q2 2010 | -0.1% | — | — | |
| Q4 2009 | -0.1% | — | — | |
| Q2 2009 | -0.1% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro