Kellogg Co (K) Q4 2019 Earnings Call Transcript

Kellogg Co (K) Q4 2019 Earnings Call Transcript

When referring to our results and outlook, unless otherwise noted, we will be referring to them on a currency neutral basis for net sales and on a currency neutral adjusted basis for operating profit and earnings per share.. Please note that when we discuss the impact of last July's divestiture, we will be referring only to the absence of the divested businesses, net sales and profit.. Some of these changes and investments are shown on Slide number 6.. We plan to improve our underlying profitability, swinging to operating profit growth excluding the divestiture impact.. We'll continue to gradually improve our gross profit margin as we continue to reutilize revenue growth management, generate productivity savings in our supply chain, and complete the restoration of on-the-go margins.. We're planning for a more balanced delivery with prudent forecasts, as we build a foundation for sustainable growth.. Our quarter four and full year 2019 results are summarized on Slide number 9.. We finished 2019 with a quarter four that again featured sequential acceleration in organic net sales growth and sequential improvement in gross profit margin.. Excluding the year-on-year impacts of the divestiture, we delivered another quarter of operating profit growth and we delivered good