Kellogg returns to profit in 4Q, revenue dips
Kellogg is profitable again this fourth quarter, buoyed by the repricing of some assets based on market conditions.
The maker of Frosted Flakes and Pop Tarts earned $818 million, or $2.24 per share, for the period ended Dec. 28. That compares with a loss of $32 million, or 9 cents per share, a year earlier.
This quarter included a $1.83 per share benefit for repricing certain assets.
Removing the benefit and other items, earnings were 83 cents per share, still a penny better than analysts had expected.
Revenue for the Battle Creek, Mich. company dipped 2 percent to $3.5 billion from $3.56 billion. Wall Street forecast $3.54 billion.
For 2014, Kellogg Co. expects earnings per share to rise 1 percent to 3 percent.
Shares fell slightly in premarket trading Thursday.