Kellogg posts USD296m profit in Q3 

(MENAFN) Kellogg Co. announced that third-quarter profit reached USD296 million, up from USD290 million in 2011's same period, reported AP.

The Battle Creek, Mich.-based firm said that total revenue jumped 12 percent, reaching USD3.72 billion, and exceeding the USD3.7 billion expected by analysts.

The world's biggest cereal maker added that internal sales, which exclude the impact of Pringles, edged up by 2.8 percent, whereas sales volume rose only 0.1 percent, moreover, sales in the company's North American unit, not including Pringles, went up by 4 percent.

In the period, the company's Pringles sales in the US grew 10 percent.

Kellogg's international sales jumped 15 percent to USD1.3 billion, however, when excluding Pringles, sales rose only 1 percent.

Sales in Latin America inched up 4 percent, whereas in the Asia Pacific region they gained 7 percent

On the other hand, sales in Europe fell 2.5 percent; however, the figure was better than that of the second quarter.

Nevertheless, the company's overall operating profit went down 5 percent, due to growing costs for ingredients, stepped-up marketing and a recall of its Mini-Wheats cereal in October, after a metal mesh was found in the cereal.

The firm said that net sales of its flagship US breakfast foods unit rose 5 percent, with new products, including a chocolate-filled cereal called Krave helping it obtain market share in both cereals and breakfast pastries.

It is worth noting that Kellogg acquired the Pringles brand earlier this year from Procter & Gamble Co, with the acquisition making Kellogg the world's second-biggest salty snack food maker, after PepsiCo Inc.'s Frito-Lay.