UPDATE: Kellogg Shares Drop After Downbeat Q4 Results

Shares of

slipped more than 3% in pre-market trading after the company reported weaker-than-expected results for the fourth quarter. The Battle Creek, Michigan-based company posted a quarterly net loss of $293 million, or $0.82 per share, versus a year-ago profit of $818 million, or $2.26 per share. Its adjusted earnings came in at $0.84 per share. Its sales rose 0.3% to $3.51 billion. However, analysts were expecting earnings of $).93 per share on revenue of $3.65 billion. Comparable net sales in the quarter slipped 2.2% Kellogg North America's net sales rose 2.3% in the quarter, while comparable net sales dropped 3.9%. Comparable net sales in the Latin American business gained 7.2% in the fourth quarter, while comparable net sales in the European business slipped 1.2%. Comparable net sales in the Asia Pacific business dropped 1.2% in the quarter. "In 2014, we have been addressing the challenges we have faced in some of the company's developed businesses," said John Bryant, Kellogg Company's president and chief executive officer. "Project K, our four-year efficiency-and-effectiveness program, is providing flexibility, and we have invested in brand-building initiatives, in-store sales capabilities, and new, improved products. We expect that 2015 will be a rebuilding year for us and that our investment will provide a strong platform for future growth.". For 2015, the company projects 2015 net sales to remain approximately unchanged versus 2014. Kellogg shares fell 3.47% to $64.00 in pre-market trading.