NEW YORK (TheStreet) -- Shares of Kellogg Co. (K - Get Report) are lower by -4.35% to $60.96 at the start of trading on Thursday, after the company reported a decrease in net income for the 2014 second quarter to $295 million, or 82 cents per diluted share, compared to $352 million, or 96 cents per diluted share, for the year ago quarter.
The cereal company said net sales for the latest quarter declined by 0.8% to $3.7 billion.
Kellogg cut its full year earnings forecast and now expects to report adjusted earnings per share between $3.81 and $3.89, compared to its previous estimates of $3.89 to $3.97 per share.
Must Read: Warren Buffett's 25 Favorite Stocks
Kellogg said it's anticipating a drop in internal net sales by 1%-2%; the company previously guided for a 1% growth for the year. Separately, TheStreet Ratings team rates KELLOGG CO as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation: "We rate KELLOGG CO (K) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, notable return on equity, expanding profit margins and impressive record of earnings per share growth. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."
K data by YCharts
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts