Kellogg 1Q profit falls as revenue climbs; approves $1B buyback, maintains full-year outlooks
BATTLE CREEK, Mich. – Kellogg’s first-quarter net income slid 11 per cent on higher expenses and acquisition costs.
The Battle Creek, Mich., company announced a $1 billion stock repurchase program Thursday, but shares slipped in premarket trading.
Kellogg earned $311 million, or 85 cents per share. That’s down from $351 million, or 98 cents per share, a year earlier.
Excluding the costs related to its acquisition of Pringles, earnings were 99 cents per share. Taking out 3 cents per share for the Venezuelan currency devaluation, earnings were $1.02 per share, which was in line with Wall Street expectations.
Revenue rose 12 per cent to $3.86 billion on improved sales, but fell short of analysts expectations, according to a poll by FactSet.
Kellogg Co. maintained its full-year adjusted earnings and revenue forecasts.
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