Dive Brief:
- Kellogg did not meet expectations in several fourth quarter earnings figures, perhaps most notable a drop of $293 million in total loss — $0.82 per share — as compared to $818 million, or $2.26 a share, in the same period last year.
- The company's adjusted earnings fell $0.09 below analysts' predictions at $0.84 per share versus the predicted $0.93 per share.
- Revenues also missed the mark at $3.51 billion, which was a touch over $3.50 billion in the same period last year but still under Zacks' approximation of $3.65 billion.
Dive Insight:
Kellogg has seen a mixed year with plant closings and slumping sales in its cereal division as it attempts to assimilate with health food culture, including the gluten-free movement. Will Kellogg's global expansion efforts, including parts of Africa, save the company from the problems it currently faces?