(Bloomberg) -- Kellanova raised its guidance for the full year as new products and marketing drove higher sales of its brand-name snacks, helping the maker of Pringles and Pop-Tarts to avoid a slowdown that’s hit rivals’ results.
The company said Thursday that it sees adjusted earnings of at least $3.65 per share, above the $3.63 average estimate of analysts surveyed by Bloomberg. It now sees net sales growing by at least 3.5%, up from at least 3% previously.
Second quarter net sales of nearly $3.2 billion also surpassed the average analyst estimates. This was partially due to strength in North America, where sales and volume grew despite Wall Street’s expectation for declines.
The shares rose 4.4% at 9:30 a.m. in New York trading. Through Wednesday’s close, the stock had advanced 4% this year, well below the advance of the S&P 500 Index.
Kellanova is bucking the trend that’s hurt PepsiCo Inc. and Kraft Heinz Co., which reported lower volume sales compared to a year earlier as consumers purchase pull back on essentials amid years of rising prices. Earlier Thursday, Hershey Co. pared its annual guidance, saying shoppers are buying less higher-priced chocolate and candies.
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