Kellogg Profit Rises on Lower Costs
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Kellogg Co. said second-quarter profit rose 52% as costs related to last year’s purchase of Keebler Foods Co. declined and sales increased.
Net income rose to $173.8 million, or 42 cents a share, from $114.6 million, or 28 cents, a year earlier. Revenue gained 6.8% to $2.13 billion, the second-largest U.S. cereal maker said.
Chief Executive Carlos Gutierrez is introducing products, entering marketing agreements and increasing sales of more-profitable items such Nutri-Grain cereal bars. Kellogg will sell Special K cereal bars and cookies with Walt Disney Co. character Winnie the Pooh.
Shares of Battle Creek, Mich.-based Kellogg rose $1.66, or 4.9%, to $35 on the NYSE.
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