News Summary: Kellogg 2Q profit falls, revenue up

AP News
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Posted: Aug 02, 2012 9:37 AM

QUARTERLY SNAPSHOT: Kellogg Co. said Thursday that its second-quarter net income fell 12 percent to 84 cents per share as commodity costs climbed and weakness in Europe continued. Revenue increased 2 percent to $3.47 billion.

THE EXPECTATIONS: Analysts surveyed by FactSet expected earnings of 85 cents per share on revenue of $3.38 billion.

ALL-DAY EATS: Kellogg, a breakfast foods powerhouse, is looking to stay with consumers throughout their day by aggressively growing its snacks business. The company recently purchased the Pringles brand and saw its U.S. snacks business post a 4.1 percent increase in revenue during the second quarter.