Kellogg Earnings Cheat Sheet: Streak SNAPs, Profits CRACKLE, Sales POP 5%

S&P 500 (NYSE:SPY) component Kellogg Company (NYSE:K) reported its results for the first quarter. Kellogg Company, with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods, including cookies, crackers and toaster pastries.

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Kellogg Company Earnings Cheat Sheet for the First Quarter

Results: Net income for the processed and packaged goods company fell to $366 million ($1/share) vs. $418 million ($1.09/share) a year earlier. A decline of 12.4% from the year earlier quarter.

Revenue: Rose 5% to $3.48 billion YoY.

Actual vs. Wall St. Expectations: K fell short of the mean analyst estimate of $1.03/share. Estimates ranged from 95 cents per share to $1.07 per share.

Quoting Management: “We had a solid start to 2011, exceeding our internal expectations for the quarter. Our top-line growth reflects our increased emphasis on innovation, investment in brand building and net price realization. Our momentum is building, as demonstrated by strong share gains in most of our U.S. categories,” said John Bryant, Kellogg Company’s president and chief executive officer. “We are raising our full-year 2011 internal net sales guidance to approximately four percent to offset higher input costs, and we are on track to meet our operating profit and currency-neutral 2011 EPS guidance. We will continue to leverage the power of our brands to achieve our goals for 2011 and remain focused on delivering sustainable growth over the long term.”

Key Stats: A year-over-year revenue increase last quarter snaps a streak of three consecutive quarters of revenue declines. Revenue fell 1.4% in the fourth quarter of the last fiscal year, 3.7% in the third quarter of the last fiscal year and 5.2% in the second quarter of the last fiscal year.

Net income has increased 0.8% year over year on average across the last five quarters. The biggest gain came in the first quarter of the last fiscal year, when income climbed 30.2% from the year earlier quarter.

Competitors to Watch: Ralcorp Holdings, Inc. (NYSE:RAH), General Mills, Inc. (NYSE:GIS), Kraft Foods Inc. (NYSE:KFT), Flowers Foods, Inc. (NYSE:FLO), The Hain Celestial Group, Inc. (NASDAQ:HAIN), PepsiCo, Inc. (NYSE:PEP), Coca-Cola (NYSE:KO), ConAgra (NYSE:CAG), TreeHouse Foods Inc. (NYSE:THS), Omani Euro Food Industries SAOG (OEFI), and Slancho AD Svishtov (SLR)

Stock Performance: Shares of K are trading at $56.26 as of May 4, 2011 at 8:43 AM ET, down over 2% from the previous close.

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