Kellogg Co. (NYSE: K) reported Thursday that the cereal conglomerate has lifted its full-year earnings forecast, according to Associated Press.
The company, which makes Frosted Flakes and Pop-Tarts, saw its fourth-quarter profit drop slightly due to higher ingredient costs and a quarter with one less week in it.
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Kellogg says it is on track to save $1 billion annually by the end of 2011. The company now anticipates earnings in a range of $3.51 to $3.57 per share, on a currency-neutral basis. The company previously forecasted a 2010 profit guidance of $3.40 to $3.52 per share.
However, analysts surveyed by Thomson Reuters expect higher, as they forecast a profit of $3.62 for the year.
In the fourth quarter Kellogg earned $176 million, or 46 cents per share, below analysts' 49 cents-per-share prediction. These estimates generally exclude one-time items. The company reported a profit of $179 million, or 47 cents per share, a year earlier.
Revenue for the period ended Jan. 2 fell 1 percent to $2.9 billion from $2.93 billion as Kellogg had one less week of sales in the period. The performance missed Wall Street's $2.94 billion.
While Kellogg's net sales in North America fell 4 percent in the quarter, operating profit for the region improved 15 percent, citing sales growth and cost cuts.
For the year, North America retail cereal net sales rose 4 percent, while the snack segment's net sales grew 3 percent in the region.
Full-year earnings rose 5 percent to $1.21 billion, or $3.16 per share, compared with $1.15 billion, or $2.99 per share, in the prior year.
Sales fell 2 percent to $12.58 billion from $12.82 billion for the year.
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