, the nation's largest cereal company, Monday reported record third-quarter earnings and sales, and raised its profit forecast for 2003.
The Michigan company said net income rose to $231 million, or 56 cents a share, in the latest quarter compared with $203.5 million, or 49 cents a share, a year ago. Analysts' estimates called for 52 cents, according to Thomson First Call. Revenue rose almost 7-percent to $2.3 billion
Kellogg shares were up $1.55, or 4.7%, at $34.68 in recent trading, close to their 2003 peak reached in early June.
The company raised its forecast for full-year earnings by a penny to $1.89-$1.91. The analyst consensus is $1.91. Kellogg also projected earnings of $2.05 to $2.09 for 2004, vs. analysts' estimates of $2.08.
Kellogg said the weaker dollar helped sales at its international unit rise 15% and that brand-building efforts continued to help overall results.