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Kellogg profit misses consensus by 21.6% in fiscal Q1

Kellogg Co. said its normalized net income for the fiscal first quarter ended April 1 came to 78 cents per share, compared with the S&P Capital IQ consensus estimate of 99 cents per share.

EPS increased 60.8% year over year from 48 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $275.6 million, a gain of 60.4% from $171.9 million in the year-earlier period.

The normalized profit margin rose to 8.5% from 5.1% in the year-earlier period.

Total revenue declined on an annual basis to $3.25 billion from $3.40 billion, and total operating expenses declined 5.1% year over year to $2.76 billion from $2.90 billion.

Reported net income grew 50.6% from the prior-year period to $262.0 million, or 74 cents per share, from $173.9 million, or 49 cents per share.