NEW YORK (AP) - Kellogg says it will trim its global workforce by 7 percent as part of a cost-cutting plan, with the cereal maker citing weaker-than-expected sales for the year. Estimates are the company will cut about 2,100 positions; some workers will find out this week.
The maker of Frosted Flakes and Eggo waffles said it expects earnings per share for the year to be toward the lower end of its previous forecast. The workforce reductions will take place by 2017.
For the quarter, Kellogg Co. says it earned $326 million, or 90 cents per share. Not including one-time items, it earned 95 cents per share, which was above the 89 cents per share Wall Street expected.
A year ago, the company earned $318 million, or 89 cents per share.
Revenue slipped to $3.72 billion and was short of the $3.73 billion analysts expected.