Analysts are looking for decreased profit for Kellogg when the company reports its results for the third quarter on Thursday, October 30, 2014. Kellogg reported profit of 95 cents a year ago, but the consensus estimate calls for earnings per share of 93 cents this time around.
The consensus estimate has risen over the past month, from 92 cents, but it's below the estimate of 98 cents from three months ago. Analysts are expecting earnings of $3.91 per share for the fiscal year. A year after being $3.72 billion, analysts expect revenue to fall 1% year-over-year to $3.69 billion for the quarter. For the year, revenue is projected to roll in at $14.82 billion.
The company has seen declines in revenue in the past two quarters. In the second quarter, revenue declined 1% to $3.69 billion from the year earlier quarter. In the first quarter, the figure fell 3%.
The profit drop in the second quarter followed the net income increase in the quarter prior. The 10% profit decline in the most recent quarter brought the figure down to $295 million. In the quarter before that, net income was up 31% year-over-year.
Kellogg, with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods, including cookies, crackers, and toaster pastries. The Hain Celestial Group, also in the food processing industry, will report earnings on Thursday, November 6, 2014. Analysts are expecting earnings of $0.65 per share for The Hain Celestial Group, up 25% from last year's earnings of $0.52 per share. Other companies in the food processing industry with upcoming earnings release dates include: TreeHouse Foods, Flowers Foods and General Mills.
Earnings estimates provided by Zacks.
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