The company will take a pretax charge of about $35 million to restructure its North American operations.
Prescience Point Capital, a short seller who has held a bearish stance on Kellogg, tweeted, “These restructuring charges should NOT be excluded from non-GAAP results as they have persisted for nearly a decade. It’s merely another mechanism for mgmt to show inflated profits, obfuscate underlying results, and even provide a scapegoat for poor performance."
Kellogg shares traded down 1.4% at $55.72 Tuesday afternoon. The stock has a 52-week high of $74.98.
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