Cereal maker Kellogg Company (
) on Tuesday said its third quarter profit fell 6% from last year,
as results met analyst expectations.
The Battle Creek, MI-based company reported third quarter net
income of $338 million, or 90 cents per share, compared with $361
million, or 94 cents per share, in the year-ago period. Revenue
fell 4% from last year to $3.2 billion.
On average, Wall Street analysts expected a matching profit of
90 cents per share, on slightly lower revenue of $3.18 billion.
The company noted it was "disappointed" with the results, and
forecast 2011 internal net sales growth in the low- to
single-digits, with internal operating profit flat to down 2%.
Kellogg shares fell 40 cents, or -0.8%, in premarket trading
The Bottom Line
Shares of Kellogg (
) have a 3.19% dividend yield, based on last night's closing stock
price of $50.75. The stock has technical support in the $47-$48
price area. If the shares can firm up, we see overhead resistance
around the $52-$54 price levels. We would remain on the sidelines
Kellogg Company (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
Be sure to visit our complete recommended list of the
Best Dividend Stocks
, as well as a detailed explanation of
our ratings system here
Created by Dividend.com