NEW YORK (TheStreet) -- Kellogg Co. (K) - Get Kellogg Company Report stock is down 3.27% to $68.30 in pre-market trading on Tuesday after the company reported disappointing 2015 third quarter revenue.
The food company's adjusted revenue fell 8.8% year-over-year to $3.32 billion for the quarter ended October 3, missing estimates of $3.42 billion in revenue.
Revenue was hit by a decline in European and Latin American revenue, which fell 12.8% and 37.1%, respectively, due to unfavorable foreign exchange rates.
North American revenue fell 2.7% to $2.3 billion for quarter, with currency-neutral net sales declining 2.6% for U.S. morning foods and gaining 6.2% for U.S. specialty channels.
Kellogg did report adjusted earnings of 85 cents per diluted share, beating estimates by 1 cent.
"Our major productivity programs continue to progress well and we remain on-track to meet our objectives for 2015 and 2016," CEO John Bryant said in a statement.
Separately, TheStreet Ratings team rates KELLOGG CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
We rate KELLOGG CO (K) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its good cash flow from operations, expanding profit margins and solid stock price performance. We feel its strengths outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: K