GRAND RAPIDS, Mich. - Cereal and snack maker Kellogg Co. said Wednesday its fourth-quarter profit dipped slightly due in part to higher energy and materials costs and more investment in advertising, but still matched Wall Street's expectations.
For the quarter ended Dec. 29, the Battle Creek-based company earned $176 million, or 44 cents per share, compared with $182 million, or 45 cents per share, a year ago.
Revenue rose 8 percent to $2.79 billion from $2.58 billion, benefiting partly from stronger net sales by the Kellogg International division.
The results matched estimates by analysts polled by Thomson Financial, who forecast a profit of 44 cents per share on $2.74 billion in revenue. The analysts' earnings estimates typically exclude one-time items.
The company also affirmed its full-year 2008 adjusted earnings guidance in the range of $2.92 to $2.97 per share.
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