Kellogg Co. said it had a net loss of $41 million, or 12 cents per share, in the fourth quarter, up from a loss of $293 million, or 82 cents per share in the year earlier period. Adjusted earnings were 79 cents per share ahead of the FactSet consensus of 74 cents per share. Sales fell 10.6% to $3.1 billion for the quarter from $3.5 billion last year below the FactSet consensus of 3.2 billion. Currency exchange lowered earnings by 6 cents per share for the quarter. Kellogg said U.S. cereal trends continued to improve in the third quarter and each of the company's international regions reported higher sales for the quarter. Kellogg shares are inactive in premarket trading, but up 6.9% for the past 12 months. The S&P 500 is down 10.5% for the past year.
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