BATTLE CREEK, Mich. (AP) - Kellogg's first-quarter revenue dropped as the company continues to face soft cereal sales.
BATTLE CREEK, Mich. (AP) — Kellogg's first-quarter revenue dropped as the company continues to face soft cereal sales.
Kellogg Co. said Thursday that sales for its flagship U.S. breakfast division dropped 5.5 percent. It's dealing with ongoing sluggishness in the cereal market and growing competition for a piece of the breakfast category.
The maker of Frosted Flakes, Special K, Pop Tarts and Eggo waffles says revenue fell 3 percent to $3.74 billion. That missed Wall Street's estimate of $3.81 billion.
Net income came to $406 million, or $1.12 per share, for the January-March period. A year earlier Kellogg earned $311 million, or 85 cents per share.
Removing certain items, per-share earnings dipped to $1.01 from $1.02. Analysts expected 97 cents per share, according to FactSet.
Kellogg left its guidance for the year unchanged.