Kellogg posts strong Q1 2009 results

Fri. May 01, 2009; Posted: 04:12 AM

May 01, 2009 (M2 EQUITYBITES via COMTEX) -- K | Quote | Chart | News | PowerRating -- Producer of cereal and convenience foods Kellogg Company (NYSE:K) on 30 April reported results for the first quarter of 2009, ended 4 April 2009.

The company said that the strong performance in the quarter was driven by internal net sales growth and a focus on cost savings.

Net earnings for the quarter were USD321m, up by 2% as compared with USD315m in the first quarter of the prior year.

Diluted EPS for the quarter was USD0.84, a 4% increase over USD0.81 per diluted share in the corresponding quarter of 2008.

Reported net sales for the quarter were USD3.2bn, down by 3% as compared with USD3.3bn in the first quarter of 2008.

Kellogg also affirmed its previous guidance for 2009 of 3% to 4% internal net sales growth and mid single-digit internal operating profit growth. Also, the company is confident of achieving high single-digit EPS growth on a currency-neutral basis, which excludes the effects of foreign currency translation.

In addition, the company also announced that it plans to increase up-front cost investments for cost savings initiatives from the original expectation of USD0.14 per share to approximately USD0.22 per share for 2009, while still maintaining current 2009 earnings per share guidance.

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For full details on Kellogg Co (K) click here. Kellogg Co (K) has Short Term PowerRatings of 5. Details on Kellogg Co (K) Short Term PowerRatings is available at This Link.

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