WDET News
- Kellogg's Reports Lower First Quarter Profits
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Apr 30, 2008Automotive & Business
Kellogg Company is reporting slightly lower earnings for the first quarter of the year. WDET’s Jerome Vaughn has more.
SOQ
Kellogg’s earned 315 million dollars in the January to March period. That’s a drop of two percent compared to the first quarter of 2007.
The results translate to 81 cents per share -- a nickel more than Wall Street analysts had predicted.
Kellogg’s officials say profits were hurt by a program to buy back shares of stock. Higher product prices also failed to offset the rising costs energy and commodities.
The world’s largest cereal producer says quarterly revenues grew 10 percent…to three-point-three billion dollars. Sales growth continued both in North America and overseas.
Kellogg’s also confirmed its full-year earnings estimates…forecasting profits in a range of $2.92 to $2.97 per share.