Kellogg profit rises 13 percent in 2Q

Kellogg says its profit rose 13 percent in the second-quarter, though sales of its popular cereal and snack products fell, boosted by higher prices and cost cuts.

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The Michigan-based company says its profit rose to $353 million, or 92 cents per share, from $312 million, or 82 cents per share last year. That beat analyst expectations of 83 cents per share.

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Revenue fell 3 percent to $3.23 billion from $3.34 billion last year. That missed analyst predictions of $3.27 billion.

Kellogg Co. says it now expects earnings per share to grow 8 percent to 10 percent in 2009 from earlier guidance of a high single-digit growth. It affirmed revenue guidance of 3 percent to 4 percent growth.