5 Stocks that Beat Earnings Estimates

In this article we discuss the 5 stocks that beat the earnings estimates. If you want to read our detailed analysis of these companies, go directly to the 10 Stocks that Beat Earnings Estimates.

5. Kellogg Company (NYSE: K)

Number of Hedge Fund Holders: 32

Packaged food giant Kellogg enjoyed elevated demand for its products during the Covid-19 pandemic. Its food products range from crackers and snacks to protein bars and vegetarian burgers. While life has pretty much returned to normal, Kellogg continues to do well in terms of financial performance.

The company last week announced earnings of $1.11 per share for the quarter ended July 3, slightly higher than $1.02 per share in the year-ago period. On an adjusted basis, Kellogg earned $1.14 per share, ahead of the consensus forecast of $1.03 per share.

Revenue inched up 3 percent on a year-over-year basis to $3.555 billion, surpassing analysts’ average estimate of $3.431 billion. Overall quarterly sales were mainly driven by Kellogg’s double-digit growth in emerging markets.

Speaking on the performance, CEO Steve Cahillane said, “Our second quarter results again highlighted the resilience and determination of our organization as well as the effectiveness of our Deploy for Growth strategy and reshaped portfolio. “On a 2-year basis, taking into account the lapping of an unusual 2020, we continued to deliver a balance of strong top-line growth, consumption growth, profitability, and cash flow generation.”

Kellogg reiterated its sales outlook for 2021. The company expects revenue growth in the range of 0-1 percent for the full year. The guidance is almost in line with the consensus forecast for a 0.8 percent increase.