Kellogg earnings for the first quarter of 2019 have K stock falling on Thursday.
Kellogg (NYSE:K) reported earnings per share of $1.01 for the first quarter of the year. This is down from the company’s earnings per share of $1.23 for the first quarter of 2018. Despite this drop, it still comes in above Wall Street’s earnings per share estimate of 95 cents, but wasn’t enough to stop K stock from falling today.
Kellogg earnings for the first quarter of 2019 also includes net income of $285 million. This is a decrease from the company’s net income of $444 million reported in the same period of the year prior.
The Kellogg earnings report for the first quarter of the year has operating income of $381 million. That’s a drop from the company’s operating income of $510 million reported in the first quarter of the previous year.
Revenue reported in the Kellogg earnings release for the first quarter of 2019 comes in at $3.52 billion. This is better than the company’s revenue of $3.40 billion reported during the same time last year. Unfortunately for K stock, it still misses analysts’ revenue estimate of $3.54 billion for the quarter.
This isn’t the only bad news for K stock today. The company has also announced that it will be replacing its current CFO, Fareed Khan. Khan will be leaving Kellogg behind after the completion of the second quarter. Taking over his position is Amit Banati, the current President of Kellogg Asia Pacific, Africa & Middle East.
K stock was down 3% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.