Kellogg Co. K said Thursday it had net income of $298 million, or 86 cents a share, for its fiscal first quarter to April 1, down from $422 million, or $1.23 a share, in the year-earlier period. Adjusted per-share earnings came to $1.10, ahead of the $1.00 FactSet consensus. Sales rose to $4.053 billion from $3.672 billion, also ahead of the $3.956 billion FactSet consensus. Sales rose across each of the company’s four regions after the company raised prices.
956 billion FactSet consensus. Sales rose across each of the company’s four regions after the company raised prices. led by snacks globally, noodles in Africa, and recovery in North America cereal. “With supply bottlenecks and shortages beginning to moderate, the company was able to improve its service levels and mitigate inefficiencies.,” Kellogg said in a statement.