Kellogg Profit Falls, Company Approves $1B Buyback

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“BATTLE CREEK, Mich. (AP) — Kellogg’s first-quarter net income slid 11 percent on higher expenses and acquisition costs.

The Battle Creek, Mich., company announced a $1 billion stock repurchase program Thursday, but shares slipped in premarket trading.

Kellogg earned $311 million, or 85 cents per share. That’s down from $351 million, or 98 cents per share, a year earlier.

Excluding the costs related to its acquisition of Pringles, earnings were 99 cents per share. Taking out 3 cents per share for the Venezuelan currency devaluation, earnings were $1.02 per share, which was in line with Wall Street expectations.

Revenue rose 12 percent to $3.86 billion on improved sales, but fell short of analysts expectations, according to a poll by FactSet.

Kellogg Co. maintained its full-year adjusted earnings and revenue forecasts.”

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