Kellogg's Outlook Looks Bleak
Zacks.com submits:
Kellogg Company (K) recently posted weak net sales, operating profits and foreign currency translation, on the back of softness in the cereal category, declining Eggo sales and the impact of the voluntary recall of select packages of breakfast cereals.The quarterly earnings of 79 cents were way behind the Zacks Consensus Estimate of 94 cents, plunging 15% from 92 cents delivered in the prior-year quarter. Excluding foreign currency translation, earnings per share declined 11%. Moreover, Kellogg estimated that the impact of the recall of select packages, including lost sales reduced its earnings by approximately 10 cents in the reported quarter.Complete Story »
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