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Kellogg's Crunchy Numbers
By Stephen D. Simpson, CFA
July 27, 2005

You don't have to love cereal or cookies to appreciate Kellogg (NYSE: K). One of the largest food companies in the world, Kellogg has seen its stock perform relatively better in the past year than has the rest of this mostly moribund sector.

Sales for the second quarter were up 8.4%, with 6.6% of that growth being described as "organic" (that is, not due to foreign exchange or acquisitions). North American sales rose 8% on double-digit cereal growth and on an 8% growth in snacks. International sales grew 3% net of foreign currency, with strong growth in Latin America and Asia offset by softness in Europe...
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