Kelloggs profit gets a boost from Pringles in 3Q
NEW YORK — Kellogg Co. says its net income edged up in the third quarter, as the breakfast giant benefited from its acquisition of Pringles chips earlier this year.
The Battle Creek, Mich.-based maker of Frosted Flakes, Pop-Tarts and Eggo waffles says it earned $296 million, or 82 cents per share, in the quarter. That compares with $290 million, or 80 cents per share, a year ago.
Revenue rose 12 percent to $3.72 billion, above the $3.7 billion analysts expected.
Although Kellogg is known for its breakfast foods, the company is hoping to become a global player in the salty snacks market. Its purchase of Pringles catapulted Kellogg to the world's second biggest salty snack food company behind PepsiCo Inc.'s Frito-Lay.
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