Kellogg Co., the world’s largest cereal maker, posted second-quarter sales that topped analysts’ estimates after snacks such as Pringles helped make up for moribund demand for breakfast foods.
Comparable net sales amounted to $3.48 billion in the period, which ended July 4, the Battle Creek, Michigan-based company said Tuesday in a statement. Analysts had estimated $3.46 billion, according to data compiled by Bloomberg. Kellogg reported earnings of 92 cents a share, excluding some items. That matched estimates.
Kellogg, whose brands include Froot Loops and Raisin Bran, is coping with declining sales in its U.S. morning-foods division, which has been hurt by more consumers eating breakfast away from home. The company is cutting costs and has looked to its snack business to boost sales.
“After a difficult 2014, we continue to build momentum in 2015 and are on-track to achieve our long-term-growth targets,” Chief Executive Officer John Bryant said in the statement.
Kellogg shares rose 2.2 percent to close at $67.50 in New York. The stock has gained 3.1 percent this year.