USA: Kellogg backs 2003 earnings guidance
US cereal manufacturer Kellogg has reiterated its near-term sales and earnings outlook and emphasised its goal of steady, sustainable growth.
Kellogg reconfirmed its earnings per share guidance of US$0.38 to $0.40 for the first quarter of 2003, and $1.86 to $1.90 for the full year.
Carlos Gutierrez, Kellogg's chairman and chief executive officer said "Our growth targets are realistic, and they put us on a path of consistent growth and value creation that can be sustained over time."
David Mackay, president of Kellogg USA, reviewed the recent performance and 2003 plans for Kellogg's US business. He said that investment in brand-building and innovation, along with a focus on value instead of volume, will allow each of the US businesses to generate low single digit sales growth in 2003.
Alan Harris, president of Kellogg International, described a similar approach to driving low single-digit net sales growth for Kellogg's international business. He also said the company will continue to expand its snacks business in core international markets.
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