Reuters: Global Markets: Kellogg cuts outlook, shares sink

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Kellogg cuts outlook, shares sink Apr 23rd 2012, 12:12 Tweet Share this Email Print Related News Honeywell profit jumps, 2012 forecast raised Fri, Apr 20 2012 DuPont off to a good start for 2012, CEO says Thu, Apr 19 2012 Danaher profit tops Street expectations Thu, Apr 19 2012 UnitedHealth raises outlook as profit rises Thu, Apr 19 2012 Coke beats Street, sees signs U.S. economy improving Tue, Apr 17 2012 Related Topics Hot Stocks » Asian Markets » Boxes of Kellogg's cereal are displayed on a store shelf in Westminster, Colorado April 26, 2009. Credit: Reuters/Rick Wilking Mon Apr 23, 2012 8:12am EDT (Reuters) - Kellogg Co (K.N) cut its full-year outlook on Monday, citing a weaker-than-expected first-quarter performance, and its shares fell 6.3 percent. The world's largest cereal company said net sales fell 1.3 percent in the quarter, with earnings of $1 per share. Excluding a 5 cent-per-share benefit from hedging activities, Kellogg's profit was 95 cents per share. Analysts on average were expecting 99 cents per share, according to Thomson Reuters I/B/E/S. Kellogg, which makes Corn Flakes cereal, Cheez-It crackers and Eggo frozen waffles, said it now expected full-year net sales to rise 2 percent to 3 percent, with operating profit falling 2 percent to 4 percent. It expects reported earnings to range from $3.18 to $3.30 per share. "We are obviously disappointed with the performance of the company in the first quarter of 2012," Kellogg Chief Executive John Bryant said in a statement. "We faced more significant challenges in both Europe and in some categories in the U.S. than we expected." The company said it also wanted to continue to invest for future growth. Kellogg shares fell to $50.57 in premarket trading from their close on Friday at $53.99. (Reporting By Martinne Geller in New York; Editing by Lisa Von Ahn, Dave Zimmerman) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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