UPDATE: Kellogg Posts 2.5% Rise In Q3 Profit, Plans To Lower Jobs

Kellogg

reported a 2.5% rise in its third-quarter profit and announced its plans to cut its workforce by 7%. Kellogg's quarterly profit surged to $326 million, or $0.90 per share, versus a year-ago profit of $318 million, or $0.89 per share. Excluding one-time items, it earned $0.95 per share. Its sales fell 0.1% to $3.72 billion. However, analysts were expecting earnings of $0.89 per share on revenue of $3.71 billion. Kellogg's North America sales declined 1.3% to $2.4 billion. Kellogg shares gained 1.51% to $63.25 in pre-market trading.