Kellogg Company (NYSE:K) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 09:30 am ET


Kellogg Company (NYSE:K) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning. Welcome to the Kellogg Company's Second Quarter 2020 Earnings Call. [Operator Instructions] Thank you. Please note, this event is being recorded.

At this time, I will turn the call over to John Renwick, Vice President of Investor Relations and Corporate Lending for Kellogg Company. Mr. Renwick, you may begin your conference call.

John P. Renwick

Thank you, Gary. Good morning, and thank you for joining us today for a review of our second quarter results as well as updates regarding our outlook for 2020. I'm joined this morning by Steve Cahillane, our Chairman, and CEO; and Amit Banati, our Chief Financial Officer. slide number three 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 this third slide of the presentation as well as to our public SEC filings.This is a particular note during the current COVID-19 pandemic when the length and severity of the crisis and resultant economic and business impacts are so difficult to predict.

A replay of today's conference call will be available by phone through Thursday, August 6. The call will also be available via webcast, which will be archived for at least 90 days on the Investor page of As always, 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.

And now I'll turn it over to Steve.

Steven Cahillane

Thanks, John, and good morning, everyone. These are certainly unusual and troubling times. The pandemic drags on with cases rising again in many states and countries that had just begun to reopen. And recent events around racial injustices have only added to an environment that is both uncertain and worrisome. It goes without saying that these crises have touched us all in some way, and our hearts go out to individuals and families that have been directly affected, and we certainly hope you and your families and friends are staying safe. As a company with heart and soul, it has been very important for us to maintain ongoing communication with our stakeholders about what we are doing to keep each other safe.

How we continue to supply our markets with food and how we are giving back to our communities. We've also worked to increase our open dialogue about diversity and inclusion, which we deem to be inherent in our company's values. This is included stepped-up actions like incremental donations to the NAACP, town halls, and testimonials by employees, professors, and authors, and we will continue to do so. So we are certainly operating in unprecedented times. And from our employees on the front lines, in our plants and distribution centers and now back in stores, to our employees working from their homes,