Kellogg’s Profit Rises; Shares Fall on Outlook
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Kellogg Co. said third-quarter profit rose 11% as new cereals and snacks spurred sales, but its forecast that full-year and 2006 earnings would be below analysts’ estimates sent its shares to their biggest drop in three years.
Net income at Kellogg, the largest U.S. cereal maker, climbed to $274.3 million, or 66 cents a share, from $247 million, or 59 cents, a year earlier. The profit beat analysts’ estimates. Sales gained 7% to $2.62 billion, the Battle Creek, Mich.-based company said.
Shares of Kellogg fell $2.29, or 5%, to $44.17.
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