Kellogg Posts Disappointing Fourth Quarter Results

US-based cereal giant Kellogg has reported a 1.7% decline in net profits for the fourth quarter of 2009, falling short of analyst expectations. Earnings for the period came in at US$176mn, down from US$179mn a year ago. Revenues came in 1% lower at US$2.9bn on the back of a 1.4% fall in volumes. Kellogg has attempted to downplay the slide in volumes, attributing it to a shift in its product mix in the emerging markets of China and Russia and production problems at waffle plants in Georgia and Tennessee due to flooding. However, the volume drop leaves the firm trailing

To read the full article, please take a trial.