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Kellogg on track
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July 14, 2000: 12:21 p.m. ET
Cereal maker is satisfied with Street's 2Q forecast; promotes executive
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NEW YORK (CNNfn) - Cereal maker Kellogg Co. said Friday it remains comfortable with Wall Street's second-quarter earnings estimate for the company.
Analysts expect the Battle Creek, Mich.-based maker of Corn Flakes, Special K and Rice Krispies cereal to post earnings of 41 cents a share when it reports second-quarter results July 27, according to earnings tracker First Call/Thomson Financial.
With annual sales of nearly $7 billion, Kellogg is one of the world's largest producers of cereal, frozen waffles, and snacks.
For the same period a year ago, Kellogg (K: Research, Estimates) posted earnings of 38 cents a share.
 The news had little effect on the company's stock though. Kellogg shares were down 1/16 to 28-7/8 immediately following the announcement Friday.
Kellogg's announcement comes a day after British food and beverage maker Diageo PLC confirmed it has entered negotiations to sell its Pillsbury subsidiary to Kellogg rival General Mills (GIS: Research, Estimates) for $11 billion in stock.
Food makers' profit margins have suffered in recent years as supermarket chains, the food industry's main customers, have grown larger through mergers and acquisitions, gaining greater power to force down suppliers' prices for packaged foods.
In other news Friday, Kellogg said it had appointed David Mackay the company's new senior vice president and president of Kellogg USA. Mackay previously served as managing director of the company's United Kingdom and Republic of Ireland operations.
Also, John Cook, executive vice president and president of Kellogg North America, said he is leaving the company effective July 21 to pursue other interests. 
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Kelloggs Co.
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