Kellogg Earnings Rise 30 Percent
BATTLE CREEK, Mich. (AP) _ Kellogg Co. said Friday its third-quarter earnings rose 30 percent due to stronger sales of its cereals in the United States and Latin America.
Earnings for the three months ended Sept. 30 were $207.2 million, or 50 cents a share, up from $159.5 million, or 38 cents a share, in the third quarter of 1996.
The latest figures include a charge of $6.6 million, or 2 cents a share, to streamline operations. Last year’s figures include a charge of $21.3 million, or 5 cents a share.
Both are adjusted for a 2-for-1 stock split Aug. 22.
Revenue rose 7 percent to $1.8 billion from $1.68 billion a year ago. Sales volume worldwide rose 11 percent _ or 6 percent excluding its acquisition of Lender’s Bagels last December.
Kellogg’s chief executive Arnold Langbo said the company hopes to boost profitability through its previously announced plan to close plants in Latvia, Denmark and Italy by the end of the year.
Production from those plants would be shifted to Kellogg’s remaining four plants in Europe, the company has said.
Kellogg shares rose $1.06 1/4 to $42.75 in morning trading on the New York Stock Exchange.