Kellogg announced quarterly sales that exceeded expectations, as higher product prices offset the pressure from reduced demand for snacks and cereals.
Rising transportation costs and ingredients such as wheat, corn, and edible oils due to supply chain problems have severely affected profit margins for packaged food companies, leaving them with no choice but to raise prices.
Net income rose to $ 433 million, or $ 1.26 a share, in the fourth quarter ended Jan. 1, up from $ 205 million, or 59 cents a share, a year earlier.
Net sales fell to $ 3.42 billion in the fourth quarter from $ 3.46 billion a year ago.
Analysts expected $ 3.39 billion in sales.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
