Kellogg income up 3% in year

by Staff
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BATTLE CREEK, MICH. — With the help of price increases, income for the Kellogg Co. during fiscal year 2010 was up 3%.

For the full year ended Jan. 1 the company had income of $1,247 million, equal to $3.32 per share on the common stock, which compared with an income of $1,212 million, equal to $3.17 per share, during the previous year. Sales for the year were $12,397 million, down 1% from $12,575 million during the previous year.

“While 2010 had its challenges, we are taking steps to position the company for improved and long-term success,” said John Bryant, president and chief executive officer. “Kellogg is a strong company with successful brands in attractive markets. We are committed to leveraging the power of these brands and remain focused on key initiatives, including refocusing on innovation to accelerate top-line growth and investing in operational enhancements to improve our supply chain.

“And we have implemented selective price increases to reflect higher input costs. We expect 2011 to continue to be a difficult operating environment, but we are confident that with the successful execution of our strategy we can achieve our 2011 goals and deliver long-term sustainable growth.”

The North America operating segment had an operating profit of $1,554 million during the year, down slightly from $1,569 million during the previous year. Sales for the segment were $8,402 million, down 1% from $8,510 million during the previous year.

For the fourth quarter ended Jan. 1 the company had income of $189 million, equal to 51c per share, up 7% from $176 million, equal to 46c per share, during the same quarter of the previous year. Sales for the quarter were $2,860 million, down 1% from $2,900 million during the same quarter of the previous year.

For 2011, the company anticipates earnings per share of $3.33 to $3.40 and internal net sales growth of 3% to 4%.

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