Kellogg Company (K) Q4 2022 Earnings Call Transcript

Kellogg Company (NYSE:K) Q4 2022 Earnings Conference Call February 9, 2023 9:30 AM ET

Company Participants

Steven Cahillane - Chairman and CEO

Amit Banati - VP and CFO

John Renwick - VP, IR Corporate Planning

Conference Call Participants

Jason English - Goldman Sachs

Alexia Howard - Sanford C. Bernstein

Michael Lavery - Piper Sandler

Robert Dickerson - Jefferies

Kenneth Goldman - J.P. Morgan

Andrew Lazar - Barclays Bank

Robert Moskow - Crédit Suisse

Bryan Spillane - Bank of America

Eric Larson - Seaport Research Partners

Stephen Powers - Deutsche Bank

Operator

Good morning and welcome to the Kellogg Company's Fourth Quarter 2022 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks there will be a question-and-answer session with publishing analysts. At this time I will turn the call over to John Renwick, Vice President of Investor Relations and Corporate Planning for Kellogg Company. Mr. Renwick, you may begin your conference call.

John Renwick

Thank you, operator. Good morning and thank you for joining us today for a review of our fourth quarter and full year 2022 results as well as our outlook for 2023. I'm joined this morning by Steve Cahillane, our Chairman and Chief Executive Officer; and Amit Banati, our Vice Chairman and Chief Financial Officer.

Slide Number 3 shows our forward-looking statements disclaimer. As you are aware, certain statements made today such as projections for Kellogg Company's future performance, are forward-looking statements. Actual results could be materially different from those projected. For further information concerning factors that could cause these results to differ, please refer to the third slide of this presentation, as well as to our public SEC filings. This is a particular note amidst the current operating environment, which includes unusually high input cost inflation, global supply disruptions, and other uncertain global macroeconomic conditions, all of whose direction, length, and severity are so difficult to predict.

A recording of today's webcast and supporting documents will be archived for at least 90 days on the Investor page of kelloggcompany.com. As always, when referring to our results and outlook, unless otherwise noted, we will be referring to them on an organic basis for net sales and on a currency-neutral adjusted basis for operating profit and earnings per share. And now, I'll turn it over to Steve.

Steven Cahillane

Thanks, John and good morning, everyone. The fourth quarter completed what was an excellent year, competitively, financially, and in terms of the grit and skill, our organization demonstrated in executing through what were truly extraordinary circumstances. The strength of our snacks portfolio was clearly evident with double-digit net sales growth across all regions underpinned by strong end market performance. We sustained exceptional growth in emerging markets led by our noodles and other portfolio in Africa, but also posting strong growth in snacks and cereal across EMEA and Latin America.