Kellogg's Succesfull Q2

The American Company reported second quarter 2008 earnings per share growth of 9% with an 11% increase in sales. Kellogg Expresses Increased Confidence and Raises Full-Year Guidance.

Reported net sales in the second
quarter increased 11% to $3.3 billion. Internal net sales growth,
which excludes the effect of foreign-currency translation and
acquisitions, was 6%.
Kellogg North America posted reported net
sales growth of 7%; internal net sales growth was 6%, driven by
broad-based growth across the region. Kellogg International reported
second quarter net sales growth of 17%, or 6% excluding the favorable
effect of currency translation and acquisitions. Internal net sales
in Latin America increased by 7% and European internal net sales grew
by 5%. The Asia Pacific region posted internal net sales growth of
9%.
Reported operating profit was $530 million in the second
quarter of 2008, an increase of 2% from the second quarter of last
year. Internal operating profit growth was also 2% in the second
quarter.
The Company also announced that its board of directors
has authorized an additional $500 million share repurchase program,
to be executed within the next twelve months. The Company's initial
2008 authorization of $650 million has already been completed.