UPDATE: Kellogg Q1 Profit Declines 13%

Kellogg Co K reported a 13% drop in its first-quarter profit. Kellogg's quarterly profit declined to $311 million, or $0.85 per share, versus $351 million, or $0.98 per share, in the year-ago period. Its revenue climbed to $3.86 billion from $3.44 billion. However, analysts were projecting earnings of $1.02 per share on revenue of $3.93 billion. Kellogg shares closed at $64.61 yesterday.