Kellogg Company (K) CEO Steve Cahillane on Q1 2022 Results - Earnings Call Transcript

Kellogg Company (NYSE:K) Q1 2022 Earnings Conference Call May 5, 2022 9:30 AM ET

Company Participants

John Renwick - VP, IR & Corporate Planning

Steve Cahillane - Chairman & CEO

Amit Banati - CFO & SVP

Conference Call Participants

Chris Growe - Stifel

Jason English - Goldman Sachs

Cody Ross - UBS

Robert Moskow - Credit Suisse

Michael Lavery - Piper Sandler

Pamela Kaufman - Morgan Stanley

Ken Goldman - JPMorgan

David Palmer - Evercore

Alexia Howard - Bernstein

Operator

Good morning. Welcome to the Kellogg Company First Quarter 2022 Earnings Call. All lines have been placed on mute to prevent any background noise.

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.

John Renwick

Thank you, operator. Good morning and thank you for joining us today for a review of our first quarter results and an update on our outlook for 2022. I'm joined this morning by Steve Cahillane, our Chairman and CEO, and Amit Banati our 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 of particular note during the current COVID 19 pandemic and supply disruptions when the length and severity of these issues and result in economic and business impacts 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 an currency neutral adjusted basis for operating profit and earnings per share.

And now I'll turn it over to Steve.

Steve Cahillane

Thanks, John and good morning, everyone. We're pleased to be able to report another good quarter, delivering solid results even ahead of plan by sustaining growth momentum across our international businesses and our North America snacks brands realizing price and productivity amidst decades, high inflation and executing with agility. After all we are navigating through what I think you would all agree continues to be an extremely challenging operating environment. The situation in Ukraine only accelerated cost inflation and exacerbated the global economy's bottlenecks and shortages. It also prompted us to suspend all shipments and investments into Russia and to identify new sources for certain ingredients.