Last $66.38 USD
Change Today +0.43 / 0.65%
Volume 194.2K
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As of 10:26 AM 07/14/14 All times are local (Market data is delayed by at least 15 minutes).

kellogg co (K) Key Developments

Warren Buffett Reportedly To Acquire Kellogg

Warren Buffett is reportedly looking to acquire Kellogg Company (NYSE:K).

Kashi Settles Class Action Suit over 'All Natural'

Kellogg announced that it will no longer use the 'All Natural' or 'Nothing Artificial' labels on certain Kashi products as part of an agreement to settle a class-action lawsuit. The company, based in Battle Creek, Michigan, says it will also pay $5 million to settle the suit. The settlement was filed May 2 in U.S. District Court in California and is subject to court approval.

National Labor Relations Opens hearing on Kellogg Lockout

Kellogg Co. and the National Labor Relations Board fired opening salvos in a hearing on an NLRB complaint that a lockout of Memphis cereal plant workers violates labor law. Kellogg locked out the workers and brought in replacements to run the plant after the union balked at a new wage and staffing plan, saying it would virtually guarantee a lower-paid workforce in the future. The workers, represented by the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union, have found an ally in the NLRB, the presidentially appointed federal board that works to resolve labor-management disputes. Union leaders from other Kellogg cereal plants, in Battle Creek, Michigan, and Lancaster, Pennsylvania, joined local Kellogg activists and top managers from the Memphis plant as spectators and witnesses in the proceeding, which is expected to last all week. In a related action, the NLRB has asked a federal district court to issue an injunction stopping the lockout. The NLRB complaint contend the lockout was a move to further a bad-faith bargaining position. Labor law requires good-faith bargaining, a term that lawyers say means negotiators cannot use a take-it-or-leave-it approach, or merely go through the motions with no intent of reaching an agreement. The union maintained that pay and benefits are properly covered by the national agreement, which is not up for renegotiation until next year. The national union earlier rejected a Kellogg proposal to implement the wage and staffing plan in plants throughout the nation.

Kellogg Company Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 29, 2014; Reaffirms Earnings Guidance for the Full Year 2014

Kellogg Company announced unaudited consolidated earnings results for the first quarter ended March 29, 2014. For the quarter, net sales were $3,742 million against $3,861 million a year ago. Operating profit was $614 million against $503 million a year ago. Income before income taxes was $572 million against $436 million a year ago. Net income attributable to the company was $406 million or $1.12 per diluted share against $311 million or $0.85 per diluted share a year ago. Net cash provided by operating activities was $268 million against $338 million a year ago. Additions to properties were $97 million against $102 million a year ago. Underlying operating profit was $552 million against $570 million a year ago. Comparable operating profit was $559 million against $590 million a year ago. Reported effective tax rate was 28.9% and underlying reported effective tax rate was 28.8%. Comparable EPS was $1.01 against $1.02 a year ago. Capital spending in the quarter was $97 million, comparable to prior year. Underlying internal operating profit decreased by 5.5%. The year-over-year decline was primarily driven by sales performance and the timing of costs and savings within costs of goods sold across the year. The company reaffirmed its guidance for full-year internal net sales growth of approximately 1%. Underlying internal operating profit growth is still expected to be in a range between 0 and 2%. Currency-neutral comparable earnings per share growth are still expected to be between 1 and 3%. As a result, the company continues to expect an earnings range including the impact of the 53rd week of between $3.97 and $4.05 per share. It is anticipated that cash flow for the year will be in a range between $1.0 and $1.1 billion. The company expects free cash flow between $1 billion and $1.1 billion for the full year. The company still expects full year gross margin to increase by 40 to 50 basis points.

Kellogg Company Declares Dividend on Common Stock, Payable on June 16, 2014; Plans to Increase the Quarterly Dividend Beginning with the Third Quarter of 2014

Kellogg Company announced that its Board of Directors declared a dividend of $0.46 per share on the common stock of the company, payable on June 16, 2014, to shareowners of record at the close of business on June 2, 2014. The ex-dividend date is May 29, 2014. In addition, the company's Board of Directors announced plans to increase the quarterly dividend by 6.5% to $0.49 per share beginning with the third quarter of 2014.


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