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The Kellogg Company (NYSE: K ) on Thursday reported higher adjusted earnings for the fourth quarter of 2022 amid an increase in profits.
Net income, adjusted for special items, rose to $0.94 per share in the most recent quarter from $0.83 per share a year ago. Meanwhile, on a reported basis, the company posted a net loss of $98 million or $0.29 per share, compared to a profit of $433 million or $1.26 per share in the same period last year.
Total sales rose 12% year over year to $3.83 billion in the three months. The company also provided financial guidance for fiscal 2023.
Check out this space to read management/analyst commentary on Kellogg’s Q4 results
“Faced with significant cost inflation, worldwide congestion and shortages, and significant inventories of North American cereals following last year’s fires and strikes, the team performed with grit and agility to deliver better-than-expected results, but at a time when it’s time to make progress towards the planned transformation,” said Steve Cahillane, Kellogg’s CEO.
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