Cereal maker Kellogg today reported higher earnings as strong sales helped offset higher prices for commodities like energy and grains.
Third-quarter net income rose to $281.1 million, or 70 cents per share, from $274.3 million, or 66 cents per share, a year ago.
Like many US food makers, Kellogg has been hit hard by soaring energy, grain and sugar costs. Last month, the company raised prices on some cereals by 2 per cent to help offset the increased expenses.
Earlier this week, Kellogg said president and chief operating officer David Mackay will become chief executive as of December 31st.
