Kellogg Shares Down 3.3% In Pre-market After Third-quarter Sales Miss

Kellogg Co. said it had net income of $205 million, or 58 cents per share, in the third quarter, down from $224 million, or 62 cents, for the same period last year. Adjusted earnings per share were 85 cents versus FactSet consensus of 84 cents. Sales for the quarter totaled $3.3 billion, down from $3.6 billion the year. The FactSet sales consensus was $3.42 billion. Kellogg is increasing its 2015 operating cash flow guidance after capital expenditure to $1.1 billion, which the company said is due to better-than-expected results from working-capital initiatives. The company also maintained its previous 2015 guidance for currency-neutral comparable sales, operating profit, and earnings per share. Kellogg shares are down 3.3% in pre-market trading, but up 6.9% for the past three months. The S&P is down 0.3% for the past three months.