Kellogg's stock on track for biggest one-day gain in 19 years
Shares of Kellogg Co. K, +8.16% soared 9.7% toward the its biggest one-day gain in 19 years, after the consumer branded food maker reported second-quarter earnings that beat expectations and affirmed its full-year outlook. "We delivered another quarter of net sales growth, featuring more and better innovation, momentum on revitalized snacks brands, better price realization, and continued expansion in emerging markets," said Chief Executive Steve Cahillane.
Excluding non-recurring items, adjusted EPS slipped to $1.00 from $1.14, above the FactSet consensus of 92 cents. Sales grew 3.0% to $3.46 billion, above the FactSet consensus of $3.41 billion, with growth in all geographic regions. In North America, snacks sales rose 3.6% and frozen sales grew 3.1%, while cereal sales fell 4.8%. The company said it still expects 2019 sales growth of 1% to 2%. The stock, on track for the biggest one-day percentage gain since it ran up 10.
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