Kellogg Co raised its full year sales and profit forecast on Thursday, buoyed by rising demand for its Corn Flakes and Froot Loops among consumers stuck at home due to the COVID-19 pandemic.
FILE PHOTO: Kellogg's products of U.S. Kellogg Company are offered at a supermarket of Swiss retail group Coop in Zumikon, Switzerland December 13, 2016. REUTERS/Arnd Wiegmann
The Michigan-based company also beat second-quarter sales and profit estimates, sending its shares nearly 4% higher in premarket trading. Net sales stayed roughly flat from a year ago at about $3.47 billion, due to the sale of Kellogg's Keebler cookie business last year. Analysts had expected net sales of $3.30 billion, according to IBES data from Refinitiv.Excluding items, Kellogg earned $1.24 per share, beating analysts’ average estimate of 94 cents.
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