Kellogg Company's (NYSE: K) second quarter earnings may not be as great as they first appear.

The company reported net earnings for the quarter were $301 million, or 75 cents per share, a 13% increase from last year's $267 million, or 67 cents. It reported that net sales in the quarter increased by 9% to $3.0 billion. Wall Street had expected profit of 71 cents on revenue of $2.93 billion.

North America is still most of the company's revenue. The topline hit $1.98 billion, up 4%, but operating income for the region was up 12% to $365 million.

Growth in the Latin America and Asia regions went nowhere. Operating income in Latin America fell to $55 million from $58 million. In Asia, it fell to $20 million from $24 million.

Kellogg would like investors to think of the company as an international operation, but that is hardly true. It is the largest cereal company in the U.S. and its growth opportunities here are limited by the growth of the market and its substantial penetration.

Kellogg needs to get overseas action moving.

Douglas A. McIntyre is a partner at 24/7 Wall At.