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Kellogg beats 1Q estimates
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April 27, 2000: 8:52 a.m. ET
Results improve despite slight drop in cereal sales in period
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NEW YORK (CNNfn) - Cereal maker Kellogg Co. edged past first-quarter earnings forecasts despite a small decline in sales for its core product.
The Battle Creek, Mich.-based company posted net income of $161.7 million, or 40 cents a share. Analysts surveyed by earnings tracker First Call had forecast 39 cents a share. A year earlier, the company earned $144.4 million, or 36 cents a share, before a restructuring charge.
 Revenue edged up 0.4 percent to $1.75 billion from $1.74 billion, though net sales of its ready-to-eat cereal slipped 2 percent to $1.30 billion from $1.33 billion.
The company said without the impact of currency exchange, acquisitions and divestitures, overall sales would have gained 2 percent in the quarter. Kellogg said overseas sales were strong and the cereal market share rebounded by 2 percentage points over the weak fourth quarter to 31 percent of the U.S. market by volume.
Shares of Kellogg (K: Research, Estimates) fell 1-7/16 to 26-5/16 in trading Wednesday. 
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