Kellogg 2Q sales top Wall Street estimates
Battle Creek – Kellogg Co. on Thursday reported second-quarter net income of $596 million.
The company said it had profit of $1.71 per share. Earnings, adjusted for non-recurring gains, came to $1.14 per share.
The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.05 per share.
The maker of Frosted Flakes, Pop Tarts and Eggo waffles posted revenue of $3.36 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $3.32 billion.
Kellogg shares have climbed 2 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 5 percent. The stock has risen roughly 3 percent in the last 12 months.
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