FDBusiness.com

Kellogg Company has reported a 4.2% increase in net sales to $14.8 billion for 2013. However, full-year internal net sales, excluding the effects of foreign currency translation and acquisitions/disposals, increased by 0.3%. Reported operating profit increased by 81.6% to $2.84 billion; reflecting very strong results posted by the Pringles acquisition for the full year. Full-year underlying internal operating profit increased by 1.3%.

Reported full-year 2013 net earnings were $1.8 billion, or $4.94 per diluted share.

“Our Pringles business had an excellent year in 2013, although we continue to face challenges in some of our developed cereal businesses,” says John Bryant, president and chief executive of Kellogg. “We are executing our strategy, and we are also progressing very well with Project K, our four-year efficiency-and-effectiveness program. Our expectations are that, over time, Project K will begin to provide us the fuel we need to drive growth in our categories, and across our businesses, in the years to come.”

Kellogg’s European business increased net sales from $2.53 billion to $2.86 billion but operating profit slipped from $261 million to $256 million.