Kellogg shares rise after guidance raised

Kellogg Co. shares rose 3.8% in Thursday premarket trading after the food company reported earnings on Thursday that beat expectations and raised its full-year guidance. Net income totaled $368 million, or $1.07 per share, up from $347 million, or $1.01 per share. Adjusted EPS of $1.11 beat the FactSet consensus for 96 cents. Sales of $3.584 billion was up from $3.412 billion and and also beat the FactSet consensus for $3.377 billion. Kellogg now expects 2021 organic net sales to be flat year-over-year versus previous guidance for a 1% decline. Kellogg stock has gained 1.4% for the year to date while the S&P 500 index is up 11% for the period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.