updated 4/6/2004 8:28:37 AM ET 2004-04-06T12:28:37

Kellogg Co. slightly increased its full-year earnings-per-share guidance on Monday after seeing double-digit sales growth during the first quarter.

The cereal maker raised its profit forecast for 2004 to a range of $2.07 to $2.11, up from $2.05 to $2.09.

The slumping dollar against foreign currencies also had a greater impact on profits than originally expected, Kellogg said in a news release.

The company said it increased EPS guidance despite also raising an earlier estimate for certain upfront costs and write-offs to 10 cents to 12 cents per share, up from 5 cents per share.

"Our business momentum is strong enough that we can raise our earnings guidance, even as we encounter significantly higher commodities costs and reinvest for the future," said Carlos Gutierrez, chairman and chief executive.

Battle Creek, Mich.-based Kellogg is to release its first-quarter earnings report April 22.

Kellogg shares rose 31 cents to close at $39.50 Monday on the New York Stock Exchange. They soared more than 7 percent, or $2.80, in extended trading, after the income revision was released.

Copyright 2004 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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