Kellogg Company 2007 Annual Report
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Financial Highlights
| (dollars in millions, except per share data) | 2007 | Change | 2006 | Change | 2005 | Change | |
|---|---|---|---|---|---|---|---|
| Net sales | $11,776 | 8% | $10,907 | 7% | $10,177 | 6% | |
| Gross profit as a % of net sales | 44.0% | -0.2pts | 44.2% | -0.7pts | 44.9% | - | |
| Operating profit | 1,868 | 6% | 1,766 | 1% | 1,750 | 4% | |
| Net earnings | 1,103 | 10% | 1,004 | 2% | 980 | 10% | |
| Net earnings per share | |||||||
| Basic | 2.79 | 10% | 2.53 | 6% | 2.38 | 10% | |
| Diluted | 2.76 | 10% | 2.51 | 6% | (b) | 2.36 | 10% |
| Cash flow (net cash provided by operating activities, reduced by capital expenditure) (a) | 1,031 | 8% | 957 | 24% | 769 | -19% | |
| Dividends per share | $1.20 | 5% | $1.14 | 8% | $1.06 | 5% | |
(a) Cash flow is defined as net cash provided by operating activities, reduced by capital expenditures. The Company uses this non-GAAP financial measure to focus management and investors on the amount of cash available for debt repayment,
dividend distributions, acquisition opportunities and share repurchases. Refer to Management's Discussion and Analysis within Form 10-K for reconciliation to the comparable GAAP measure.
(b) Comparable 2006 earnings per share growth of 11% excludes $65 million ($42 million after tax or $.11 per share) of costs attributable to the Company's adoption of a new accounting standard that required the expensing of stock options.
