Tags: US | Earns | Kellogg

Kellogg's Profit Falls 15 Percent on Cereal Recall Costs

Thursday, 29 Jul 2010 08:38 AM

Kellogg Co. says fallout from a massive cereal recall and slowing sales of its Eggo frozen waffles dragged down its second quarter results by 15 percent.

The results were below analyst expectations. Kellogg also lowered its full-year outlook.

The food maker reported Thursday that it earned $302 million, or 79 cents per share, for the quarter. That's down from $354 million, or 92 cents per share.

Last month the company recalled 28 million cereal boxes because liners inside the boxes could have an unusual smell and flavor. The recall cut profit by 10 cents per share.

Kellogg's revenue fell 5 percent to $3.06 billion.

The Battle Creek, Mich., maker of Frosted Flakes and Pop Tars is one of the nation's largest food makers.

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Kellogg Co. says fallout from a massive cereal recall and slowing sales of its Eggo frozen waffles dragged down its second quarter results by 15 percent.The results were below analyst expectations. Kellogg also lowered its full-year outlook.The food maker reported Thursday...
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