BATTLE CREEK, Mich., Nov. 4, 2013 (GLOBE NEWSWIRE) -- Kellogg Company (NYSE:K) today announced third quarter 2013 reported net sales of $3.7 billion; reported net sales were $3.7 billion in the third quarter of 2012. Internal net sales,* which exclude the effects of foreign currency translation, acquisitions, dispositions, and integration costs, increased by 0.5 percent over the same period. Reported quarterly operating profit was $504 million, a decrease of 1.7 percent; underlying internal operating profit* increased by 0.6 percent. Underlying internal results exclude the effects of foreign currency translation, acquisitions, dispositions, mark-to-market accounting, and integration and efficiency-program costs.
Reported third quarter 2013 net earnings were $326 million, or $0.90 per diluted share, an increase of $0.01 from the third quarter of 2012. This quarter's reported earnings per share included approximately $0.02 per share of integration costs related to the acquisition of Pringles and $0.03 per share of costs associated with Project K, the new global growth and efficiency program. Excluding these items, comparable earnings* were $0.95 per share, an increase of 2.2 percent from the third quarter of 2012's comparable earnings per share.
* Internal sales growth, underlying internal operating profit growth, comparable earnings, internal operating profit growth and cash flow are all non-GAAP financial measures. See the tables herein for important information regarding these measures and a full reconciliation to the most comparable GAAP measure.North America Kellogg North America's reported and internal net sales decreased by 1.3 percent to $2.4 billion in the third quarter. The U.S. Morning Foods segment posted a decline in reported and internal net sales of 2.2 percent. Reported net sales in the U.S. Snacks business declined by 2.5 percent; internal net sales declined by 3.3 percent. The U.S. Specialty segment posted reported and internal net sales growth of 6.2 percent. The North America Other segment reported a net sales decline of 1.5 percent and internal net sales growth of 0.3 percent. North American reported and underlying internal operating profit in the third quarter decreased by 0.7 percent.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV