Kellogg Co. said its normalized net income for the fourth quarter came to 32 cents per share, compared with the S&P Capital IQ consensus estimate of 85 cents per share.
The per-share result swung to a profit from the prior-year loss of 5 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $112.8 million, compared with a loss of $17.9 million in the fourth quarter ended Jan. 2, 2016.
The normalized profit margin climbed to 3.6% from negative 0.6% in the year-earlier period.
Total revenue fell year over year to $3.10 billion from $3.14 billion, and total operating expenses fell 7.9% from the prior-year period to $2.85 billion from $3.10 billion.
Reported net income totaled a loss of $53.1 million, or a loss of 15 cents per share, compared with a loss of $42.7 million, or a loss of 12 cents per share, in the fourth quarter ended Jan. 2, 2016.
For the year, the company's normalized net income totaled $2.35 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $3.70.
EPS rose from $2.17 in the prior year.
Normalized net income was $833.4 million, a gain from $772.5 million in the prior year.
Full-year total revenue decreased from the prior-year period to $13.01 billion from $13.53 billion, and total operating expenses decreased on an annual basis to $11.28 billion from $12.04 billion.
The company said reported net income grew year over year to $693.8 million, or $1.96 per share, in the full year, from $612.3 million, or $1.72 per share.
