kellogg co (K) Key Developments
Kellogg Company Announces Executive Changes
May 6 15
On May 1, 2015, Ronald L. Dissinger, Senior Vice President, Chief Financial Officer, and Principal Financial Officer of Kellogg Company assumed the responsibilities of Principal Accounting Officer while Maribeth A. Dangel, Vice President – Corporate Controller, is on a temporary medical leave of absence.
Kellogg Company Announces Unaudited Consolidated Earnings Results for the First Quarter Ended April 4, 2015; Provides Earnings Guidance for the Year 2015
May 5 15
Kellogg Company announced unaudited consolidated earnings results for the first quarter ended April 4, 2015. For the quarter, net sales were $3,556 million against $3,742 million a year ago. Operating profit was $384 million against $614 million a year ago. Income before income taxes was $304 million against $572 million a year ago. Net income attributable to the company was $227 million or $0.64 per diluted share against $406 million or $1.12 per diluted share a year ago. Net cash provided by operating activities was $95 million against $268 million a year ago. Additions to properties were $83 million against $97 million a year ago.
The company expects full-year 2015 currency-neutral comparable operating profit to decrease at a rate between 2% and 4%. Full-year 2015 currency-neutral comparable earnings per share are anticipated to be in a range between 2% lower and approximately unchanged. The estimates for currency-neutral comparable operating profit and currency-neutral comparable earnings per share include a negative impact of between 3% and 4% points from the rebasing of incentive compensation for 2015. Guidance for both operating profit and earnings per share excludes the impact of mark-to-market adjustments, 2014's 53rd week, integration costs, costs related to Project K, acquisitions, dispositions, foreign-currency translation, and other items that could affect comparability. Cash flow is expected to be approximately $1.0 billion, which includes the cash required by Project K. The company still expects the tax rate to be between 27% and 28% and interest expense is expected to be between $215 million and $225 million.
Kellogg Company Announces Resignation of Benjamin S. Carson, Sr. from the Board of Directors
May 4 15
On May 1, 2015, Dr. Benjamin S. Carson, Sr. resigned from the board of directors of Kellogg Company. Dr. Carson resigned in order to pursue elected office.
Kellogg Company Announces Executive Appointments
Apr 29 15
Kellogg Company announced two leadership changes to help drive future growth in its North American business. Paul Norman has been named President of Kellogg North America, reporting directly to Chairman and CEO, John Bryant. The company also announced that Craig Bahner will join Kellogg as President, U.S. Morning Foods, reporting to Norman. Norman will be responsible for managing a portfolio of businesses within the region, including U.S. Morning Foods, U.S. Snacks, U.S. Frozen Foods, U.S. Specialty Channels and Canada. Norman most recently served as Kellogg's Chief Growth Officer and led the U.S. Morning Foods business on an interim basis. Kellogg also announced that Craig Bahner will join the organization as President, U.S. Morning Foods. Craig was previously Chief Marketing Officer at Wendy's, where he was responsible for all brand building, marketing and culinary innovation efforts for the company's brand. Prior to that, he enjoyed a career spanning 20 years at Procter & Gamble, where he held a variety of key leadership positions. Paul Norman's appointment is effective immediately and Craig Bahner will join Kellogg on July 7, 2015.
Kellogg Company Declares Regular Quarterly Dividend Payable, on June 15, 2015; Plans to Increase Quarterly Dividend for the Third Quarter of 2015
Apr 24 15
Kellogg Company announced that its Board of Directors declared a dividend of $0.49 per share on the common stock of the company, payable on June 15, 2015, to shareowners of record at the close of business on June 1, 2015. The ex-dividend date is May 28, 2015.
In addition, the company's Board of Directors announced plans to increase the quarterly dividend by 2% to $0.50 per share beginning with the third quarter of 2015.