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Kellogg earnings rise in 1st quarter, helped by snack sales

Kellogg earnings rise in 1st quarter, helped by snack sales

The breakfast and snack food maker Kellogg Co. said Monday its first-quarter earnings rose 17 percent, helped by sales of snacks including cookies and crackers and a tax benefit, and raised its outlook for the full year. Its shares rose 2 percent in premarket trading.
The maker of Rice Krispies cereal, Eggo waffles and Keebler cookies earned $321 million (euro235.29 million), or 80 cents per share, in the three months ended March 31 from $274 million, or 68 cents per share, during the year-ago period. The latest results included a $40 million (euro29.32 million) tax benefit.
Revenue rose 9 percent to $2.96 billion (euro2.17 billion) from $2.73 billion.
Wall Street was looking for a profit of 68 cents per share excluding one-time items on sales of $2.85 billion (euro2.09 billion), according to a Thomson Financial poll.
Sales in North America grew 7 percent, as retail cereal sales rose 4 percent and retail snacks sales grew 11 percent, helped by sales of cookies, crackers and fruit snacks.
Kellogg International sales grew 12 percent, or 5 percent excluding the benefit of a weaker U.S. dollar.
Kellogg's brands also include Pop-Tarts, Cheez-It, Nutri-Grain, Murray, Morningstar Farms, Austin, Famous Amos and Kashi.


Updated : 2021-02-28 12:40 GMT+08:00