Pringles pop boosts Kellogg's finances

Kellogg's financial results get pop from Pringles, but company posts loss on pension charge

Associated Press

NEW YORK (AP) -- Kellogg reported a fourth-quarter loss on a pension-related charge, but its underlying earnings rose as its recently acquired Pringles chips helped boost sales.

The maker of Froot Loops, Eggo waffles and Pop Tarts said net sales for the period rose 18 percent to $3.56 billion. Sales of existing products rose 5 percent.

However, the company said a new accounting method for its pensions affected results for the quarter. Under the new method, Kellogg Co. lost $32 million, or 9 cents per share, for the period. That compares with a loss of $195 million, or 54 cents per share, for last year's revised results.

Not including one-time items, the company said underlying earnings were 67 cents per share.

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