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Kellogg fiscal Q2 profit climbs YOY

Kellogg Co. said its normalized net income for the fiscal second quarter ended July 4 amounted to 89 cents per share, compared with the S&P Capital IQ consensus estimate of 92 cents per share.

EPS increased year over year from 87 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $317.3 million, compared with $315.6 million in the second quarter ended June 28, 2014.

The normalized profit margin increased to 8.9% from 8.6% in the year-earlier period.

Total revenue decreased 5.1% year over year to $3.50 billion from $3.69 billion, and total operating expenses fell 6.4% from the prior-year period to $2.93 billion from $3.13 billion.

Reported net income declined 24.7% from the prior-year period to $223.7 million, or 63 cents per share, from $296.8 million, or 82 cents per share.