US cereal maker Kellogg has reported lower fourth-quarter earnings but said its quarterly and full-year earnings exceeded its forecasts as the company focused on innovation and brand building.

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The company said net earnings in the fourth quarter of 2004 were US$186.4m, or 45 cents per share, compared to $188.0m, or 46 cents per share, in the fourth quarter of 2003. Kellogg said this decline was anticipated and resulted primarily from a higher tax rate. Fourth-quarter net sales rose 12% to $2.4bn.


Net earnings for the full year 2004 were $890.6m, or $2.14 per share, compared to $787.1m, or $1.92 per share, in 2003. Full-year net sales rose 9% to $9.6bn.


“2004 was another excellent year for our company,” said Jim Jenness, Kellogg’s chairman and chief executive officer-designate. “We remained focused on innovation and brand building, we added excitement to our categories, and we improved mix. Importantly, we did all this while making significant investment in our future growth.”


Kellogg also reaffirmed its earnings forecast range for 2005 of $2.28 to $2.32 per share.

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