NEW YORK — Kellogg's third-quarter profit and revenue slid and it continues to wrestle weak sales as consumer tastes shift.
A stronger U.S. dollar was a key factor in its sales decline event though it had sales growth in Latin America, Asia, Canada and its U.S. specialty business. Still, North American sales fell 2.7 percent. They would have fallen 1.4 percent with currency fluctuations removed.
Profit slipped 8.5 percent to $205 million, or 58 cents per share. Earnings, adjusted for non-recurring costs, came to 85 cents per share. That beat Wall Street expectations by 2 cents, according to a poll by Zacks Investment Research.
Revenue fall 8.5 percent, to $3.33 billion in the period, which was shy of analyst projections.
The cereal business at the Battle Creek, Michigan company has been under pressure with a growing fickleness over carbohydrates or gluten. Additionally, the strengthening dollar and other currency swings have proven difficult for U.S. companies with significant overseas sales.
Shares of Kellogg Co. fell $2.81, or 4.2 percent, to $67.62 in morning trading. They've risen nearly 8 percent since the beginning of the year
Keywords: Kellogg, Earnings Report