Earnings Preview: Kellogg to report 3Q results
NEW YORK (AP) — Kellogg reports its third-quarter results Monday, which should provide some details on how the company is faring in its push to boost cereal sales.
WHAT TO WATCH FOR: The maker of Frosted Flakes, Pop Tarts and Special K bought Pringles last year to expand into the salty snacks category. It's also working to increase sales overseas. But sales in its main breakfast foods category in the U.S. slipped 3.3 percent in the April-June quarter.
WHY IT MATTERS: Kellogg Co., based in Battle Creek, Mich., is having difficulty getting Americans to eat more cereal. Part of the problem is that people have more choices now. But Kellogg has noted that cereal still accounts for 30 percent of the overall breakfast category and that there's potential to increase sales by touting the health benefits of cereal.
WHAT'S EXPECTED: Analysts on average expect a profit of 89 cents per share on revenue of $3.73 billion.
LAST YEAR'S QUARTER: Kellogg earned 86 cents per share, excluding one-time items, on revenue of $3.72 billion.