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Kellogg profit misses consensus by 24.5% in fiscal Q3

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.