Kellogg Reports Quarterly Sales Decline Largely Due To Venezuela Business

By Markets MarketWatch Pulse

Kellogg Co. shares fell 0.7% in Thursday premarket trading after the food company said sales fell short of estimates. Kellogg said it had first-quarter net income of $175 million, or 49 cents per share, down from $227 million, or 64 cents per share for the same period last year. Adjusted earnings were 97 cents per share, beating the FactSet consensus of 94 cents. Sales for the quarter totaled $3.4 billion, down from $3.6 billion year-over-year. The FactSet consensus was $3.5 billion. The sales decline was primaily due to the effect of currency translation in mid-2015 related to the Venezuela business, the company said in a release. Kellogg shares are up 21.9% for the past year while the S&P 500 is down 1.8% for the same period.

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