US cereal maker Kellogg has posted a more than 13% rise in quarterly earnings, as higher sales and the weak dollar helped offset increased spending on its brands.
The Battle Creek, Michigan-based company reported earnings of US$231.3m, or 56 cents a share, for the third quarter to 27 September, compared with earnings of $203.5m, or 49 cents a share, a year earlier. Analysts had been expecting, on average, 52 cents a share, reported Reuters.
Sales increased 6.8% to $2.28bn, helped by the weakness of the US dollar against other currencies.
The company raised its full-year earnings guidance by one cent to between $1.89 and $1.91 per share. Kellogg also forecast 2004 earnings of between $2.05 and $2.09 a share.