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Kellogg's Hearty Results
By Brian Gorman
April 29, 2005

Kellogg (NYSE: K) earned fresh stripes with its first-quarter results, achieving strong performance across product lines and geographies even as it augmented its branding efforts. Still, the Battle Creek, Mich.-based giant's stock is not likely to go on a tear in light of the company's already premium valuation.

Kellogg indicated that revenue in the quarter grew 7.6% to $2.6 billion compared to $2.4 billion in the first quarter of 2004. Earnings charged up 16% in the quarter to $254.7 million versus $219.8 million. Given the tough competition in the food segment and current cost pressures in the form of higher commodity and energy expenses, Kellogg's showing is commendable...
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