(Reuters) - Kellogg Co reported lower quarterly earnings on Thursday, hurt by higher ingredient costs, and said it was on track to meet its full-year goals.

The maker of Corn Flakes cereal, Keebler cookies and Eggo waffles, whose shares fell nearly 2 percent in premarket trading, said net income was $311 million, or 85 cents per share in the first quarter, down from $351 million, or 98 cents per share, a year earlier.

The decline in profit was largely due to the rising cost of commodities, Kellogg said, adding that the first quarter included a majority of the inflation it expects for the full year.

Excluding accounting adjustments, costs from integrating the newly acquired Pringles business and a hit from the devaluation of Venezuela's currency, earnings were $1.02 per share. That was in line with company expectations and analysts' average estimate, according to Thomson Reuters I/B/E/S.

Net sales rose to $3.86 billion from $3.44 billion a year earlier.

The world's biggest cereal maker said it was on track to meet its goal for the full year, which calls for profit growth of 5 percent to 7 percent. That would translate to earnings of $3.82 to $3.91 per share.

Kellogg's shares fell to $63.50 in premarket trading from Wednesday's close of $64.61 on the New York Stock Exchange.

(Reporting by Martinne Geller in New York; Editing by Maureen Bavdek)

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