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TheStreet Open House

Kellogg Company Announces Third-Quarter Results And New Global Program Designed To Drive Growth And Efficiency

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.

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