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Kellogg profit misses consensus by 27.9% in fiscal Q1

Kellogg Co. said its normalized net income for the fiscal first quarter ended April 4 came to 66 cents per share, compared with the S&P Capital IQ consensus estimate of 91 cents per share.

EPS declined 40.0% year over year from $1.10.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $235.6 million, a decrease of 40.8% from $398.1 million in the first quarter ended March 29, 2014.

The normalized profit margin declined to 6.6% from 10.6% in the year-earlier period.

Total revenue declined 5.0% year over year to $3.56 billion from $3.74 billion, and total operating expenses rose on an annual basis to $3.10 billion from $3.07 billion.

Reported net income decreased 43.6% year over year to $228.5 million, or 64 cents per share, from $405.4 million, or $1.12 per share.