profit and sales climbed in the second quarter, and the company said full-year earnings should come in at the high end of its previous estimates.
The cereal and snack-food maker reported earnings of $203.9 million, or 50 cents a share, compared with $173.8 million, or 42 cents a share, a year ago. Sales increased by 5.8% to $2.25 billion, partly as a result of favorable foreign-exchange rates.
Based on its first-half results, Kellogg now expects to report full-year earnings of $1.88 to $1.90 a share. Previously, the company's projected range was $1.86 to $1.90 a share.
"We enter the second half of 2003 with solid top-line growth momentum, increasing profitability, substantial reinvestment in brand-building and productivity, and improving financial flexibility," the company said in a press release. "Because of our strong momentum, we can now turn our sights in the second half to more reinvestment for future growth."
Shares of Kellogg were gaining $1.23, or 3.6%, to $35.23 in recent
New York Stock Exchange
Analysts expected the company to earn 47 cents a share in the second quarter. For the full year, the consensus forecast is $1.90 a share.