Kellogg earnings for the fourth quarter of 2018 were above estimates, but K stock is still down on Thursday.
Kellogg (NYSE:K) starts off its earnings report for the fourth quarter of the year with earnings per share of 91 cents. This is down from its earnings per share of 93 cents from the same time last year. However, it did still beat out Wall Street’s earnings per share estimate of 88 cents for the quarter, but couldn’t keep K stock from falling today.
Net loss in the Kellogg earnings report for the fourth quarter of 2018 comes in at $82 million. This is a decrease from the company’s net loss of $417 million reported in the fourth quarter of 2017.
The Kellogg earnings report for the fourth quarter of the year also includes operating income of $326 million. The food company’s operating income from the same period of the year prior was $389 million.
The most recent Kellogg earnings report has the company reporting revenue of $3.32 billion. This is an increase over its revenue of $3.19 billion from the fourth quarter of the previous year. It also was able to match analysts’ revenue estimate for the quarter, but was unable to keep K stock from dropping today.
So what exactly is it that has K stock falling on Thursday? The answer is its outlook for 2019. The company says that it is expecting earnings per share for the year to decline between 5% and 7%. Earnings per share for the full year of 2018 were $4.33. This decrease will have it missing Wall Street’s earnings per share estimate of $4.30 for 2019.
K stock was down 5% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.