BATTLE CREEK, Mich. (
) -- Consumer loyalty to brands like Pop-Tarts and Rice Krispies led
to report a 6% increase in third-quarter profit and up its full-year outlook.
During the quarter, Kellogg earned $361 million, or 94 cents a share, compared with $342 million, or 89 cents, in the year-ago period. Analysts expected a profit of 84 cents a share.
Revenue remained relatively flat at $3.28 billion.
Looking ahead, the company now expects full-year earnings up between 10% and 12%, compared with a prior forecast of an 8% to 10% increase. In 2008, earnings were $2.99 a share; coupling that figure with the new forecast implies 2009 results of between $3.29 to $3.35 a share.
-- Reported by Jeanine Poggi in New York
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