UPDATE: Kellogg Posts In-Line Q2 Earnings, Lowers Full-Year Forecast
Shares of Kellogg Co (NYSE: K) dropped 1.00% in pre-market trading after the company cut its full-year forecast.
The Battle Creek, Michigan-based company posted quarterly earnings of $295 million, or $0.82 per share, down 15% versus the year-ago quarter. Excluding special items, it earned $1.02 per share.
Its sales declined 0.8% to $3.7 billion. However, analysts were expecting earnings of $1.02 per share on revenue of $3.705 billion.
Kellogg North America's net sales declined 3.7% to $2.4 billion, while net sales rose 6.9% in Europe.
Kellogg now projects full-year sales to fall 1% to 2%. It now expects earnings of $3.91 to $3.99 per share, versus its earlier forecast of $3.97 to $4.05 per share.
"We have announced earnings per share for the second quarter that were broadly in-line with our expectations. While we saw growth in various areas of our business including Pringles and the international segments, the cereal category in developed markets remained challenging," said John Bryant, Kellogg Company's chairman and chief executive officer.
Kellogg shares fell 1% to $63.09 in pre-market trading.
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