Kellogg Company (NYSE: K) announced its financial results for the first quarter of fiscal 2018. With both revenue and earnings beating estimates, shares of the company increased 3% to $58.47 per share in the morning.
Total revenue for the first quarter was reported to be $3.40 billion, which beat analysts’ estimates of $3.30 billion.
In addition, net income for the quarter increased from $266 million for the same period last year to $444 million. Adjusted earnings per share for the first quarter was $1.23 per share, which also topped analysts’ estimates of $1.08 per share.
“We delivered a strong first quarter,” Steve Cahillane, the Chairman and Chief Executive Officer of the Kellogg Company, said in the statement on Thursday.
“Net sales, operating profit, and earnings per share all achieved year-on-year growth, keeping us well on pace for our full-year targets. We made visible progress on key elements of our growth plan, achieving accelerated growth in frozen foods and Pringles, stabilizing cereal in developed international cereal markets, and realizing underlying improvement in U.S. Snacks following our transition out of Direct Store Delivery distribution,” Steve continued.
In the statement, the company also announced its $420 million investment in Tolaram Africa Foods, which is the Kellogg’s distributing partner in Africa.