BATTLE CREEK, Mich. – Kellogg Co. (K) on Thursday reported net income that declined by 16 percent in its second quarter. The results matched analysts' expectations.
The Battle Creek, Michigan-based company said earnings dropped to $295 million, or 82 cents per share, from $352 million, or 96 cents per share, in the same quarter a year earlier.
Earnings, adjusted for restructuring costs and non-recurring costs, were $1.02 per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of $1.02.
The company posted revenue of $3.69 billion compared with $3.71 billion in the same quarter a year earlier, and missed Wall Street estimates. Analysts expected $3.71 billion, according to Zacks.
Kellogg shares have increased $2.66, or 4.4 percent, to $63.73 since the beginning of the year, while the Standard & Poor's 500 index has risen 6.6 percent. However, the stock has declined $2.51, or 3.8 percent, in the last 12 months.
This story was generated automatically by Automated Insights (http://automatedinsights.com/ap ) using data from Zacks Investment Research. Full K report: http://www.zacks.com/ap/K