Kellogg Co. , K, -3.34 % reported Thursday that it had a net income of 298 million dollars, or 86c per share, for the fiscal first quarter ending April 1. This is down from $422 millions, or $1.23 per share, during the same period last year. The adjusted earnings per share came in at $1.10, which was higher than the $1.00 FactSet consensus. Sales increased to $4.053 Billion from $3.672 Billion, which is also higher than the $3.956 Billion FactSet consensus. After raising prices, sales rose in all four of the company’s regions. Snacks globally, noodles in Africa and recovery of North America cereal were the main drivers. Kellogg stated that supply bottlenecks were beginning to ease, allowing the company to improve service levels and reduce inefficiencies. This, along with productivity initiatives and revenue management actions to cover high input cost inflation, has resulted in earlier progress towards recovering profit margins. Kellogg is planning to spin-off its North America cereals in a deal that is expected to occur in the fourth quarter. It now expects full-year organic growth — excluding currency effect — to increase 6%-7%. Prior guidance was 5%-7%. The company expects its adjusted EPS will be down between 1% and 3% compared to the previous guidance of 2% to 4 %. The stock is flat in premarket trading and has risen 0.4% year-to-date, while the S&P500 SPX , -0.89% , has gained 6.5%.