Escalating commodity costs and ongoing weakness in Europe drove Kellogg’s second-quarter net income down 12 percent Thursday. But adjusted results topped Wall Street’s view and the food maker’s one-two punch of breakfast goods and snacks gave a lift to revenue, driven by sales of Pop-Tarts and strength in North America.
Kellogg Co. is building its snacks business, with hopes that its recent $2.7 billion acquisition of Pringles from Procter & Gamble Co. will make it a global player in that market. The snacks division already includes Cheez-It, Keebler’s Club crackers and Special K crackers.
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