Feb 12 (Reuters) - Kellogg Co, the world’s largest maker of breakfast cereals, reported lower-than-expected quarterly sales, weighed down by weak demand in Europe and Asia Pacific.
The company’s shares fell 3.5 percent to $64 premarket.
Net loss attributable to Kellogg was $293 million, or 82 cents per share, in the fourth quarter ended Jan. 3, compared with a profit of $818 million, or $2.24 per share, a year earlier.
The latest quarter included a non-cash mark-to-market adjustment of $822 million, driven mainly by changes in interest rates on pension plans.
Net sales inched up 0.4 percent to $3.51 billion, but was not enough to beat analysts average estimate of $3.65 billion, according to Thomson Reuters I/B/E/S. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Savio D‘Souza)