Shares of Kellogg (K) were higher Tuesday after the food manufacturing giant posted better-than-expected third-quarter earnings. Its earnings came in at $0.96 a share, that's nine cents above analyst forecasts despite sales of $3.25 billion for the period coming in slightly short of estimates. CEO John Bryant said in a statement. that sales were affected by "trade-inventory reductions in U.S. cereal, a challenging U.K. market, and portfolio transformations that have taken longer than anticipated to execute." He also noted Kellogg "did realize growth in U.S. Snacks, U.S. Specialty Channels, Latin America, and Asia-Pacific, and every region posted operating-profit margin expansion."
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