Kellogg Co. raised its full-year sales and profit forecasts Thursday, betting that demand for its cereals and snacks will hold strong even after multiple rounds of price increases.
Kellogg joins other major food and beverage companies, including Oreo maker Mondelez International Inc, Coca-Cola Co and PepsiCo Inc, in using its brand power and distribution scale to pass on pass price increases to consumers, while seeing little pushback in demand.
The company, which is in the process of a three-way break up of its business, said overall average selling prices rose 15.7% in the third quarter, while volumes fell 2.3%.
The company said it now expects annual organic net sales to increase by over 10%, compared with its prior forecast of an increase of 7% to 8%.
Kellogg forecast adjusted full-year profit per share to rise over 3% on a currency-neutral basis, compared with a prior outlook of over 2% growth.
The company's net sales rose 9% to $3.95 billion in the third quarter ended Oct. 1. Analysts had expected revenue of $3.78 billion, according to Refinitiv IBES data.
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