BATTLE CREEK, Mich. — Kellogg Co. today reported third-quarter net income of $348 million.
On a per-share basis, the company said it had profit of $1.01. Earnings, adjusted for pretax gains and non-recurring gains, were 91 cents per share.
The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 88 cents per share.
The maker of Frosted Flakes, Pop Tarts and Eggo waffles posted revenue of $3.43 billion in the period, which also beat Street forecasts. Seven analysts surveyed by Zacks expected $3.42 billion.
Kellogg shares have declined 8% since the beginning of the year, while the Standard & Poor’s 500 index has increased 1%. The stock has risen 4% in the past 12 months.