Kellogg Reports Earnings Beat, But Sales Miss Expectations

By Tonya GarciaMarketsMarketWatch Pulse

Kellogg Co. reported first-quarter net income of $262.0 million, or 74 cents per share, up from $175.0 million, 49 cents per share, for the same period last year. Adjusted EPS was $1.06, beating the 99-cent FactSet consensus. Revenue totaled $3.26 billion, down from $3.40 billion last year, and below the $3.28 billion FactSet consensus. The company said U.S. Morning Foods, which includes breakfast cereals, U.S. Snacks, and Europe got off to a slow start. Kellogg reaffirmed 2017 guidance. It expects EPS growth of 8% to 10%, year-over-year on a currency-neutral basis. Kellogg's shares are up 0.7% in Thursday premarket trading, and down 10.5% for the past year. The S&P 500 index is up 16.4% for the last 12 months.

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