A boost from Pringles and strong international results helped Kellogg’s fourth-quarter earnings surpass expectations.
Kellogg’s, known for breakfast food such as Froot Loops, Eggo waffles and Pop Tarts, has been seeking to improve its results by investing in its supply chain after several product recalls and by expanding its snacks business. It acquired Pringles from Procter & Gamble in February 2012. The brand provided a boost in the fourth quarter, with Pringles revenue up 5 percent in the U.S. and 1 percent in Europe. The company also changed its accounting method for pensions, and related one-time adjustments led to a loss of $32 million for the period. That compares with a loss of $195 million for the prior year’s revised results.