FX.co ★ WK Kellogg Co Q1 income increases in line with estimates

WK Kellogg Co. (KLG) posted a profit increase in its first quarter which is in line with Wall Street's expectations, compared to the same timeframe last year. The company's net income stood at $33 million, or $0.37 a share. This showcases an increase from $24 million, or $0.28 per share, in the first quarter of the previous year.

Market analysts, on an average, expected the company to yield a earning of $0.37 per share according to data collected by Thomson Reuters. Analysts' predictions typically discard any irregular items.

However, the company's revenue for the quarter witnessed a decrease of 1.8%, amounting to $707 million down from $720 million the previous year.

A quick overview of WK Kellogg Co.'s earnings under Generally Accepted Accounting Principles (GAAP):

- First quarter earnings: $33 million, a rise from the $24 million last year

- Earnings per share for first quarter: $0.37, an increase from last year's $0.28

- Revenue for first quarter: $707 million, a drop compared to $720 million last year.