US cereal giant Kellogg has posted a 30% jump in first-quarter profits, boosted by improved margins.
Kellogg said that profit rose to US$418m in the three-month period, up from $321m last year.
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Revenue rose 4.7% to $3.32bn. Excluding currency exchange, sales gained 2% on flat volumes.
Gross margin widened to 42.9% from 41.1%.
Chief executive David Mackay said that Kellogg was expecting revenues to rise by 2-3% for the full year, with EPS gains anticipated in the range of 11-13%.
Kellogg also revealed that its board of directors has authorised a $2.5bn, three-year share buyback programme.
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By GlobalDataFor the full earnings release click here, or check back for just-food’s post-conference call coverage.
