GRAND RAPIDS, Mich. Kellogg Co. reported today a 2 percent drop in first-quarter profits, even though the company recently raised prices on many items.
However, the food, beverage and snack maker reported an overall increase in revenue of about 10 percent to $3.3 billion, up from $3 billion last year at the same time.
David Mackay, Kellogg’s president and chief executive, said, “We posted strong results, despite the impact of higher commodity inflation as well as increased advertising and upfront investments.”
Kellogg also reported that net earnings dropped to $315 million, or 81 cents per share, compared with $321 million, or 80 cents per share, during the first quarter of 2007.
Kellogg is the producer of food items such as Eggo waffles, Nutri-Grain cereal bars, Pop-Tarts toaster pastries and Rice Krispies cereal.