UPDATE: Kellogg Q4 Earnings Rise 23%

Kellogg Co (NYSE: K) reported a 23% rise in its fourth-quarter earnings.

Kellogg's quarterly profit surged to $232 million, or $0.64 per share, from $189 million, or $0.51 per share, in the year-ago period. Its sales surged 5.4% to $3.02 billion. However, analysts were expecting earnings of $0.62 per share on revenue of $2.99 billion.

Kellogg's operating margin climbed to 13.2% from 11.5%.

Kellogg shares gained 2.33% to $50.46 at 11:48 am.