Kellogg 2nd-quarter profit falls 16 percent

MarketsAssociated Press

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.

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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 ( ) using data from Zacks Investment Research. Full K report:


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