Kellogg profit up, 2008 forecast below Street view

Kellogg Co, the world's biggest maker of breakfast cereal, on Monday reported a 9 percent rise in quarterly profit, but forecast 2008 earnings below analysts estimates and its stock fell 3 percent.

Like many food companies, the maker of Frosted Flakes cereal, Eggo waffles and Keebler cookies has been hit by soaring costs for wheat and other ingredients. At the same time, it boosted spending on advertising and has earmarked investments that are expected to save money in the long-term.

Even with the benefit of the weaker dollar, which boosts the dollar value of sales in other currencies, the company still faces uncertainty in 2008, Morningstar analyst Gregg Warren said.

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- Posted: 2007-10-30 10:56:01

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