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Kellogg earnings drop
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April 26, 2001: 8:17 a.m. ET
Cereal maker posts lower profits on small decline in sales
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NEW YORK (CNNfn) - Kellogg Co. Thursday said first-quarter profits fell 24 percent as sales edged lower, in line with Wall Street forecasts.
The breakfast cereal maker, which completed its purchase of snack maker Keebler Foods last month, said it earned $123 million, or 30 cents a diluted share in the quarter, down from $162 million, or 40 cents a share a year earlier. The results do not include Keebler, and exclude restructuring charges and other one-time items.
Analysts surveyed by earnings tracker First Call forecast the company would earn 30 cents a share.
Sales at Battle Creek, Mich.-based Kellogg edged down to $1.71 billion from $1.75 billion. The company recently lost its ranking as the nation's largest cereal maker to General Mills Inc. (GIS: Research, Estimates).
Shares of Kellogg (K: Research, Estimates) gained 29 cents to $25.47 Wednesday. 
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