USA: Kellogg Continues on Path to Consistent Growth With Second Quarter Increases in Operating Profit, Net Earnings, And Earnings Per Share, Excluding Charges
Kellogg Company (NYSE: K - news) continued to build a record of growth during the second quarter of 2000. Excluding charges, Kellogg's operating profit was $279.9 million, up 3.2 percent from last year's $271.3 million; net earnings were $165.6 million, up 7.4 percent from last year's $154.2 million; and earnings per share were $.41, up 7.9 percent from last year's $.38.Net sales rose 0.9 percent to $1.80 billion, compared to $1.78 billion last year. Excluding acquisitions, divestitures, and the negative impact of foreign exchange rates, net sales were up 3.1 percent."This marks our fifth consecutive quarter of year-over-year growth in operating profit, net earnings, and earnings per share, excluding charges, and we will continue building on that record," said Carlos M. Gutierrez, Kellogg Company chairman of the board and chief executive officer."In the U.S. cereal business, we continued the market share recovery that began in the first quarter," Gutierrez said, noting that Kellogg's U.S. retail cereal volume grew 4.7 percent in a soft category during the second quarter. Gutierrez said that while Kellogg's U.S. convenience foods growth slowed in the quarter due to a difficult comparison with 1999, the company expects this business to return to better growth behind the execution of new-product and marketing programs in the second half of the year.Other highlights from the second quarter:
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