One site for Breaking News, Politics, Sports, Entertainment & more!

Newz Chooze
Back

Shares of Kellogg Co. shed 2.8% in premarket trade Thursday, after the cereal and snacks company beat fourth-quarter profit expectations and met on sales, while U.S. sales declined. Kellogg swung to a net loss of $84 million, or 24 cents a share, from a profit of $417 million, or $1.20 a share. Excluding non-recurring items, such as restructuring charges related to asset divestitures and in preparation for Brexit, adjusted earnings per share came to 91 cents, above the FactSet consensus of 88 cents. Sales rose 4.2% to $3.32 billion, matching the FactSet consensus of $3.32 billion. U.S. snacks sales fell nearly 5%, due primarily to list-price adjustments and rationalization of stock-keeping units (SKUs), while U.S. mornings foods sales fell more than 2%, amid softness in cereal consumption. Meanwhile, Europe sales increased 5%, Latin America sales edged up less than 0.5% and Asia-Pacific sales jumped 60%. Kellogg's stock has lost 7.9% over the past 12 months, while the SPDR Consumer Staples Select Sector ETF has declined 2.2% and the S&P 500 has gained 1.9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.