Breakfast cereal maker Kellogg on Thursday forecast full-year earnings well below market expectations, hurt by the sale of its Keebler cookie business and other assets to Nutella maker Ferrero. Shares in Kellogg fell 6.3 per cent in premarket trading. In the comparative quarter, earnings were hurt by a strong dollar, the costs of an ongoing restructuring and preparations for Brexit. Excluding items, Kellogg earned 91 cents per share in the fourth quarter, beating analysts expectations of 85 cents per share, according to IBES data from Refinitiv. Kellogg has ramped up spending on promotions and advertising, while making snack-pack versions of classic products that appeal to on-the-go shoppers.

Source: The Irish Times February 06, 2020 13:41 UTC