US breakfast cereal maker Kellogg has reported a 14% improvement in net profits per share for its second quarter ended 26 June.
Profits increased to US$237.4m, or 57 cents per share, compared with $203.9m, or 50 cents per share, during the same period a year ago, the company said. Results came in 3 cents higher than the consensus forecast of 54 cents per share by analysts surveyed by Thomson First Call.
“This was another excellent quarter,” Carlos Gutierrez, chairman and chief executive officer, said in a news release issued by the company. “Our sales growth remained very strong as our business momentum continued, and we also continued to make significant investments in future growth.
Net turnover from for the period under review increased to $2.39bn, up 6% from the $2.25bn reported during the same three months of 2003.
Kellogg reiterated its earnings outlook for 2004 of $2.07-2.11 per share.