BATTLE CREEK, Mich. (AP) Kellogg Co. (K) on Wednesday reported third-quarter net income of $380 million.
On a per-share basis, the Battle Creek, Michigan-based company said it had net income of $1.09. Earnings, adjusted for non-recurring gains, were $1.06 per share.
The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.07 per share.
The maker of Frosted Flakes, Pop Tarts and Eggo waffles posted revenue of $3.47 billion in the period, which topped Street forecasts. Five analysts surveyed by Zacks expected $3.42 billion.
Kellogg shares have increased nearly 6 percent since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat. The stock has increased 19 percent in the last 12 months.