Kellogg Company (K) announced, for 2019, the company projects adjusted EPS to decrease by 5%-7% on a currency-neutral basis as it laps 2018's discrete tax benefits.
Adjusted operating profit is expected to be approximately flat on a currency-neutral basis. Kellogg expects 2019 net sales to increase 3%-4% on a currency-neutral basis, and an organic net sales growth of 1%-2%. Kellogg reported that its fourth-quarter earnings per share declined slightly on a reported basis, owing to a sharply negative swing in the mark-to-market adjustments and higher restructuring charges. On a currency-neutral adjusted basis, earnings per share were at $0.93, flat with previous year. Reported net sales grew more than 4% year-on-year to $3.32 billion. On an organic basis, net sales declined by less than 1%. (dpa)