Kellogg returns to profit in 4th quarter, helped by large benefit; revenue falls slightly

Kellogg is profitable again this fourth quarter, buoyed by the repricing of some assets based on market conditions.

The maker of Frosted Flakes and Pop Tarts earned $818 million, or $2.24 per share, for the period ended Dec. 28. That compares with a loss of $32 million, or 9 cents per share, a year earlier.

This quarter included a $1.83 per share benefit for repricing certain assets.

Removing the benefit and other items, earnings were 83 cents per share, still a penny better than analysts had expected.

Revenue for the Battle Creek, Mich. company dipped 2 per cent to $3.5 billion from $3.56 billion. Wall Street forecast $3.54 billion.

For 2014, Kellogg Co. expects earnings per share to rise 1 per cent to 3 per cent.

Shares fell slightly in premarket trading Thursday.