US cereal giant Kellogg has recorded an increase in full-year profits and reiterated its 2013 outlook.
Earnings in the year to 29 December amounted to US$961m, an 11.2% increase on the prior-year period. The growth was boosted by its recent acquisition of Pringles, growth in Latin America and improving results in North America.
Operating profit was up 9% to $1.56bn. However, full-year comparable internal operating profit, which excludes items like M&A, integration costs and pension changes, was down 5.9%. Kellogg said the fall was "anticipated" and resulted from inflation in cost of goods sold, a recall in the third quarter and increased investment in brand building.
Full-year reported net sales increased 7.6% to $14.2bn, while internal net sales were up 2.5%.
