(Source: Datamonitor)
Kellogg Company, a producer of cereal and convenience foods, has reported a net income of $360 million, or $0.94 per diluted share, for the third quarter ended October 3, 2009, a 6% increase, compared to $341 million, or $0.89 per diluted share, for the third quarter ended September 27, 2008.
Net sales for the third quarter of 2009 were $3.28 billion, a 0.3% decrease, compared to $3.29 billion for the third quarter of 2008.
For the first nine months ended October 3, 2009, net income was $1.03 billion, or $2.7 per diluted share, compared to $968 million, or $2.51 per diluted share, for the corresponding period of 2008. Net sales for the first nine months of 2009 were $9.67 billion, compared to $9.89 billion for the first nine months of 2008.
David Mackay, Kellogg Company's CEO, said: "The current economic environment has placed significant pressure on our consumers. However, the environment also provided us with both the incentive and the opportunity to build an even stronger company for the future.
"We are aggressively pursuing productivity initiatives, as well as taking advantage of media deflation and efficiency programs to invest even more back into advertising to further drive the long-term health of our brands."
A service of YellowBrix, Inc.
