US cereal manufacturer Kellogg said sales had improved and profits almost doubled in the year following its integration of Keebler Foods.
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Kellogg beat Wall Street forecasts with Q1 profits of US$152.6m, or 37 cents per share. This represents an increase of almost 82% on the US$84.1m, or 21 cents per share, earned in Q1 2001.
“There is no question that the plans that have been put in place over the last year have been working,” said Len Teitelbaum, analyst at Merrill Lynch in New York. “Last year was a year of transition for Kellogg.”
Kellogg CEO Carlos Gutierrez said: “Our top priority for 2002 was restoring top-line growth, and we’re off to a promising start. In 2001, we sacrificed near-term sales and profit growth in order to implement our strategy and integrate Keebler smoothly […] In 2002, our goal is to accelerate our growth”.
A robust performance by Kellogg’s own US cereal division has also contributed to the strong growth.
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