Investors seem concerned by its shrinking margins, brought by higher raw material costs.

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Kellogg Co (NYSE:K) announced that first-quarter net income fell 2 percent, hurt by higher raw material costs, cutting its 2012 guidance.

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The positives neutralized the impact of higher raw material costs.

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The increase was planned to support sales growth, store openings, product introductions and expanded assortments, and higher product and raw material acquisition costs.

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This means still higher profit margins as these higher rates take hold, more than mitigating increased raw material costs and lending impetus to higher than consensus earnings extending into next year and beyond.

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