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Kellogg profit misses consensus by 23.4% in Q3

Kellogg Co. said its normalized net income for the third quarter was 72 cents per share, compared with the S&P Capital IQ consensus estimate of 94 cents per share.

EPS rose year over year from 70 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $250.6 million, an increase from $247.5 million in the third quarter ended Oct. 1, 2016.

The normalized profit margin increased to 7.7% from 7.6% in the year-earlier period.

Total revenue came to $3.27 billion, compared with $3.25 billion in the prior-year period, and total operating expenses came to $2.81 billion, compared with $2.80 billion in the prior-year period.

Reported net income grew on an annual basis to $295.8 million, or 85 cents per share, from $290.3 million, or 82 cents per share.