Kellogg Co. said its normalized net income for the fiscal third quarter ended Oct. 3 amounted to 63 cents per share, compared with the S&P Capital IQ consensus estimate of 84 cents per share.
EPS fell 10.8% year over year from 71 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $225.6 million, a decline of 11.8% from $255.9 million in the third quarter ended Sept. 27, 2014.
The normalized profit margin declined to 6.8% from 7.0% in the year-earlier period.
Total revenue decreased 8.5% year over year to $3.33 billion from $3.64 billion, and total operating expenses declined 8.5% from the prior-year period to $2.90 billion from $3.17 billion.
Reported net income decreased 7.5% from the prior-year period to $206.5 million, or 58 cents per share, from $223.2 million, or 62 cents per share.