Kellogg Q1 Profit Declines To $366 million

Kellogg Co K released its results for the first quarter on Wednesday. The company's quarterly profit dropped to $366 million, or $1 per share, from $418 million, or $1.09 per share, in the year-earlier period. The company's sales surged 5% to $3.49 billion. However, analysts were expecting earnings of $1.04 per share on revenue of $3.39 billion. Excluding foreign exchange impact, Kellogg still projects full-year earnings of $3.33 to $3.40 per share, versus analysts' estimates of $3.48 per share. Kellogg shares closed at $57.44 yesterday. Read more from Benzinga's Company news.