BATTLE CREEK, Mich., Feb. 5, 2008 (PRIME NEWSWIRE) -- Kellogg Company (NYSE:K) today reaffirmed guidance for 2008 full-year earnings to be $2.92 - 2.97 per share. This estimate includes the impact of significant inflation; as previously disclosed, the Company expects incremental commodity, energy, fuel, and benefits inflation in excess of $0.65 per share. For 2008, the Company has hedged approximately 70% of its commodity exposure.
"We are confident in our ability to achieve our targets in 2008," said David Mackay, Kellogg's chief executive officer. "We're investing in the future while facing continued cost pressure, which is a testament to the strength and resiliency of our business model and operating principles."
About Kellogg Company
With 2007 sales of nearly $12 billion, Kellogg Company is the world's leading producer of cereal and a leading producer of convenience foods, including cookies, crackers, toaster pastries, cereal bars, frozen waffles, and meat alternatives. The Company's brands include Kellogg's, Keebler, Pop-Tarts, Eggo, Cheez-It, Club, Nutri-Grain, Rice Krispies, All-Bran, Special K, Mini-Wheats, Chips Deluxe, Sandies, Morningstar Farms, Famous Amos, and Kashi. Kellogg products are manufactured in 18 countries and marketed in more than 180 countries around the world. For more information, visit Kellogg's web site at http://www.kelloggcompany.com.
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Forward-Looking Statements Disclosure
This news release contains forward-looking statements related to business performance, earnings, costs, brand building, and cost-saving initiatives. Actual performance may differ materially from these statements due to factors related to competitive conditions and their impact; the effectiveness of advertising, pricing and promotional spending; the success of productivity improvements and business transitions; the success of innovation and new product introductions; the recoverability of the carrying value of goodwill and other intangibles; the availability of and interest rates on short-term financing; commodity and energy prices and labor costs; actual market performance of benefit plan trust investments; the levels of spending on systems initiatives, properties, business opportunities, integration of acquired businesses; changes in consumer behavior and preferences; U.S. and foreign economic factors such as interest rates, statutory tax rates, and foreign currency conversions or unavailability; legal and regulatory factors; business disruption or other losses from terrorist acts or political unrest; and other factors. Forward-looking statements speak only as of the date they were made, and the Company undertakes no obligation to publicly update them.