WK Kellogg beats profit and revenue estimates in its first earnings update since spinning off from Kellanova

WK Kellogg Co.’s stock
KLG,
+2.29%
was up by 2.8% in premarket trading after the cereal company that was formerly part of snack giant Kellanova
K,
+2.14%
said its third-quarter profit rose by 82.6%. WK Kellogg said its net income increased to $42 million, or 49 cents a share, from $23 million, or 27 cents a share, in the year-ago quarter. WK Kellogg handily beat the FactSet consensus estimate for earnings of 26 cents a share. Revenue dipped by 1.9% to $692 million. Adjusted for the split, sales also fell 1.9% to $684 million, ahead of the analyst expectation of $666.3 million. WK Kellogg became an independent company on Oct. 2.