UPDATE 1-Pop-Tarts maker Kellanova tops estimates on steady demand, higher prices [Yahoo! Finance]
ConAgra Brands, Inc. (CAG)
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Source: Yahoo! Finance
May 2 (Reuters) - Pop-Tarts maker Kellanova on Thursday beat Wall Street estimates for first-quarter sales and profit on higher prices and firm demand for its breakfast cereals and ready-to-eat snacks, sending its shares up about 9% in early trading. Kellanova's diverse portfolio, which includes Grahams Crackers, Nutri-Grain breakfast bars and frozen food like Morningstar Farms, and premium pricing have helped mitigate the impact of some consumers shifting to lower-priced alternatives. The company said prices rose 8.5% in the quarter, while organic sales volumes fell 3.1%. "In the near-term, however, it is evident volumes will be critical for the company to see top-line growth as there's likely no more room to push pricing further as consumers remain under pressure," Third Bridge analyst John Oh said. Kellanova's reported net sales of $3.20 billion in the three months ended March 30, beat analysts' expectations of $3.16 billion, according to LSEG data. The company, also hom
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