Kellogg Posts 1Q Profit, Results Top Wall Street Estimates
Kellogg Co. on Tuesday reported first-quarter earnings of $227 million.
The Battle Creek, Michigan-based company said it had profit of 64 cents per share. Earnings, adjusted for non-recurring costs, were 98 cents per share.
The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 92 cents per share.
The maker of Frosted Flakes, Pop Tarts and Eggo waffles posted revenue of $3.56 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $3.55 billion.
Kellogg shares have fallen 2 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased almost 3 percent. The stock has fallen 2 percent in the last 12 months.
This article appeared in print in edition of Hamodia.
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