Traverse City Record-Eagle

Archive: Thursday

October 11, 2012

Kellogg reaffirms guidance for year

BATTLE CREEK (AP) — Kellogg Co. reaffirmed its full-year earnings guidance on Wednesday, saying that strong performance from its recently acquired Pringles brand offset costs for the anticipated costs a recent recall of Mini-Wheats cereal.

The company, based in Battle Creek, is one of the nation's largest food makers with products ranging from Corn Flakes cereal to Keebler cookies.

Kellogg expects to earn between $3.18 and $3.30 per share for the year. Analysts polled by FactSet were expecting the company to earn $3.34 per share for the year.

The company announced in February that it was buying Pringles. Kellogg said strong performance by Pringles, along with some changes in estimates for non-operating items offset the roughly $20 million to $30 million in costs expected for its recent recall.

Kellogg initiated a voluntary recall on Monday of certain packages of its Mini-Wheats Bite Size cereal because of the possible presence of a flexible metal mesh from a faulty manufacturing part.

The company said there have been no reports of injuries and that it was issuing the recall as a precaution. The company said 282,000 cases of products in the U.S. were included in the recall. It said Wednesday that retailers have likely removed most of the boxes from shelves by now.

Shares of Kellogg fell 15 cents to close at $51.43. Its shares are up 11 percent from a 52-week low of $46.33 in late July.

1
Text Only

Facebook
Twitter Updates
Follow us on twitter
Associated Press Video
Facebook Is Officially A Mobile Company 'Fifty Shades of Grey': Watch the Super Sexy First Trailer Now! Swiftair Loses Contact With Air Algerie Aircraft Diamond Stone, Malik Newman, Josh Jackson and others showcase talent Free Arturo - The World's Saddest Polar Bear A Look Back at Batman On Film Through The Years LeBron James -- Dropped $2k On Cupcake Apology ... Proceeds To Benefit Charity Snoop Dogg Says He Smoked Weed at the White House Raw: Fight Breaks Out in Ukraine Parliament Chris Pratt Interrupts Interview To French Braid Intern's Hair Shirtless Super Mario Balotelli Dances While Ironing - @TheBuzzeronFOX Whoa! Watch "Housewives" Star Do the Unthinkable LeBron apologizes to neighbors with cupcakes Justin Bieber In Calvin Klein Underwear Shoot Samsung Pre-Trolls The IPhone 6 With New Ad Jimmy Kimmel Introduces His Baby Girl Swim Daily, Nina Agdal in the Cook Islands Guilty Dog Apologizes to Baby for Stealing Her Toy Prince George Turns 1 and is Already a Trendsetter Train Collides With Semi Truck Carrying Lighter Fluid