Kellogg Company Reports Earnings Per Share At The High End Of Guidance For 2012 And Reaffirms Guidance For 2013 Growth

Comparisons to Previous 2012 Guidance

• Results in line with guidance.
• Full-year internal net sales growth* of 2.5 percent; reported net sales growth of 7.6 percent.
• Full-year comparable internal operating profit growth* declined by 5.9 percent; this measure excludes all items which affect comparability. Reported operating profit was up 9.5 percent.
• Full-year comparable EPS* of $3.28, at the high end of previous guidance; includes $0.09 of integration costs (net of one-time benefits) related to the acquisition of Pringles. Excluding this, EPS was $3.37. Reported EPS was $2.67.

*  Internal net sales growth, comparable internal operating profit growth and comparable EPS are non-GAAP financial measures. See the tables herein for important information about these measures and a full reconciliation to the most comparable GAAP measure.

Changes Related to Accounting for Pensions and Post-Retirement Benefit Plans

In an effort to increase the visibility into financial results, the company has chosen to adopt a new method for accounting for pensions; this change has no impact on cash flow. As a consequence of the change, the company recognized a year-end mark-to-market charge and removed pension-related amortization expense from results. These changes impacted both operating profit and earnings per share. Tables with revised historical figures for fiscal 2011 and fiscal 2012 are provided in this release.

BATTLE CREEK, Mich., Feb. 5, 2013 (GLOBE NEWSWIRE) -- Kellogg Company (NYSE:K) today announced that fourth quarter reported net sales increased to $3.6 billion, an 18.2 percent increase from the fourth quarter of 2011.  Internal net sales, which exclude the effects of foreign currency translation, acquisitions, divestitures and integration costs, increased by 5.3 percent. Full-year 2012 reported net sales increased by 7.6 percent to $14.2 billion, an increase of $999 million from the full-year 2011 results. Full-year internal net sales increased by 2.5 percent. 

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