Kellogg Co. posted strong first-quarter results as it recovered from a strike and a fire at one of its processing plants.
Kellogg Co. posted strong first-quarter results as it recovered from a strike and a fire at one of its processing plants.
Profits were up 15% over the first quarter of last year, to $424 million. Sales rose 2.4%, to $3.67 billion.
To post those numbers, Kellogg overcame a strike from October to December last year and a fire last summer at a cereal plant in Memphis. Cereal sales in North America were down about 10% for the quarter. The company’s market share of breakfast cereal fell from about 29% when the strike started to about 24% by the time it was resolved; it has since rebounded to about 26%, according to statistics it furnished during a presentation.
Sales actually slowed in North America during the quarter, which the company attributed to the strike and fire. However, they were up in every other global region where Kellogg is active. In Europe, adjusted operating profit was up 28%.
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