Why Shares of Kellogg Were Up Today
Shares of Kellogg (NYSE: K) traded up more than 4% on Tuesday after the cereal and packaged food company reported quarterly sales that came in above expectations. The company said the results are evidence that the work it has done reshaping its portfolio is having the desired effect, and investors, at least on Tuesday, seemed to agree.
Before markets opened on Tuesday, Kellogg reported third-quarter adjusted earnings of $1.03 per share on revenue of $3.37 billion, beating consensus analyst expectations for $0.91 per share in earnings on $3.35 billion in sales. The results were adjusted to exclude a number of cookie, fruit snack, pie crust, and ice cream businesses that were divested in late July.
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Source Fool.com
