BATTLE CREEK, Mich. (AP) – Kellogg Co. said Thursday that shoppers’ loyalty to its cereal brands helped boost its profit 6 percent in the third quarter.

Consumers have stayed true to the food maker’s brand-name products during the economic downturn, particularly in North America where cereal sales have been strong. Its products — such as Frosted Mini-Wheats and Eggo frozen waffles — are seen by many as a cheap meal, which has also helped as more consumers eat meals at home.

“The current economic environment has placed significant pressure on our consumers,” said CEO David Mackay said in a statement.

Kellogg, based in Battle Creek, Mich., reported 2 percent internal sales growth from its North American retail cereal business during the quarter.

The food maker, whose other products include Pop-Tarts, Cheez-It crackers and Rice Krispies cereal, earned $361 million, or 94 cents per share, for the period ended Oct. 3. That’s up from $342 million, or 89 cents per share, in the same period a year earlier.

Revenue was nearly flat at $3.28 billion.

The performance bested the predictions of analysts surveyed by Thomson Reuters, who were looking for earnings of 84 cents per share on sales of $3.27 billion. Analysts’ estimates normally exclude one-time items.

The food maker, like many companies, is also seeing cost cuts benefit its bottom line. Kellogg, which says it is still on track to save $1 billion annually by the end of 2011, plans to reinvest some of those savings in advertising in the near term.

Mackay said Kellogg is looking to take advantage of cheaper advertising in that hopes that it will “further drive the long-term health of our brands.”

The company’s solid profit results prompted Kellogg to lift its full-year earnings guidance. It now expects a 2009 earnings per share increase of 10 percent to 12 percent, up from a prior forecast for 8 percent to 10 percent growth. The company had 2008 profit of $2.99 per share, which implies 2009 earnings of $3.29 to $3.35 per share.

Analysts anticipate a profit of $3.17 per share for the year.

For 2010, Kellogg forecast the same 10 percent to 12 percent earnings per share growth. Both outlooks are on a currency neutral basis.

Analysts predict 2010 profit of $3.51 per share.

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