Kellogg Company Reports Q4 EPS of $.51 vs. $.51

Kellogg Company K today announced its full-year 2010 reported earnings of $1.2 billion, or $3.30 per diluted share, an increase of 4 percent from full-year 2009 reported earnings of $3.16 per diluted share. Reported earnings in the fourth quarter of 2010 were $189 million, or $0.51 per diluted share, compared with fourth quarter 2009 reported earnings of $176 million, or $0.46 per diluted share. During the fourth quarter 2010, reported net sales declined 1 percent year-over-year to $2.9 billion. Over the same period, internal net sales were approximately flat. Reported gross margin for the quarter contracted by 130 basis points reflecting increased costs. Compared to the fourth quarter of 2009, reported operating profit declined 7 percent to $329 million and declined 5 percent on an internal basis driven by the impact of impairment charges for Kellogg's China business. Excluding the impairments, internal operating profit would have been up 4 percent.