US breakfast cereal producer Kellogg has increased its profit outlook.

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Citing healthier than predicted sales growth and lower taxes, the company said it was confident about its 2004 outlook. It estimates 2004 earnings towards the upper end of US$2.05 to 2.09 per share, reported Dow Jones.,


Kellogg estimated it will incur seven cents to eight cents a share in write-offs and upfront costs for the fourth quarter related to such projects as the closing of a snacks plant in Australia, the outsourcing of a US repackaging operation and the closing of one of the company’s cereal plants in Argentina.


The company is planning to repurchase up to $300m of common stock next year.

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