May 2 (Reuters) - Pop-Tarts maker Kellanova ( K ) on

Thursday beat Wall Street estimates for first-quarter sales and

profit on higher prices and firm demand for its breakfast

cereals and ready-to-eat snacks, sending its shares up about 9%

in early trading.

Kellanova's ( K ) diverse portfolio, which includes Grahams

Crackers, Nutri-Grain breakfast bars and frozen food like

Morningstar Farms, and premium pricing have helped mitigate the

impact of some consumers shifting to lower-priced alternatives.

The company said prices rose 8.5% in the quarter, while

organic sales volumes fell 3.1%.

"In the near-term, however, it is evident volumes will be

critical for the company to see top-line growth as there's

likely no more room to push pricing further as consumers remain

under pressure," Third Bridge analyst John Oh said.

Kellanova's ( K ) reported net sales of $3.20 billion in the three

months ended March 30, beat analysts' expectations of $3.16

billion, according to LSEG data.

The company, also home to internationally recognized cereal

brands such as Frosties and Special K, posted an adjusted profit

of $1.01 per share for the quarter, surpassing expectations of

85 cents.

Higher prices also helped drive its adjusted gross margin to

35.7% from 31.0% a year earlier.

Peer Conagra Brands ( CAG ) also posted upbeat quarterly

results last month, helped by a rebound in demand for its pantry

staples and frozen foods.