BATTLE CREEK, Mich. — Kellogg Co. today reported first-quarter net income of $368 million.
On a per-share basis, the company said it had net income of $1.07. Earnings, adjusted for one-time gains and costs, were $1.11 per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 95 cents per share.
The maker of Frosted Flakes, Pop Tarts and Eggo waffles posted revenue of $3.58 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $3.4 billion.
Kellogg shares have climbed slightly more than 1% since the beginning of the year, while the S&P’s 500 index has climbed 11%. The stock has declined slightly in the past 12 months.