(Adds details, shares)
May 4 Cornflakes maker Kellogg Co reported
a better-than-expected quarterly profit as continuing cost cuts
and a planned tax benefit boosted earnings.
Shares of the company, which also makes Pop-Tarts and Fruit
Loops, were up marginally before the bell on Thursday.
The world's largest cereal maker has been battling weak
sales as shoppers prefer healthier options over its processed
Kellogg launched the "Project K" restructuring program four
years ago in a push to drive profit by cutting jobs and
Net income attributable to Kellogg rose to $262 million, or
74 cents per share, in the first quarter ended April 1, from
$175 million, or 49 cents per share, a year earlier.
The planned tax benefit resulted in a 14 cent benefit to the
company's adjusted profit per share.
Excluding items, Kellogg earned $1.06 per share, beating
analysts' estimate of 99 cents per share, according to Thomson
Net sales fell 4 percent to $3.25 billion, its ninth
straight quarterly drop.
(Reporting by Jessica Kuruthukulangara and Siddharth Cavale in
Bengaluru; Editing by Supriya Kurane)