Kellogg (NYSE: K) reported third quarter earnings this morning that missed estimates. It also guided 2011 earnings lower. There is nothing "Special" about this "K" quarter or outlook.

The Battle Creek, MI-based company reported earnings of 80 cents per share on $3.31 billion in revenues. Wall Street was looking for 89 cents per share on $3.41 billion in revenues.

In addition, Kellogg said that it now expects earnings for 2011 to be $3.27-$3.33 per share. This is sharply lower than the $3.33-$3.40 per share that Wall Street is expecting, and that is the reason shares are plunging today, down some 7%.

"We are continuing to rebuild our momentum as a company. The third quarter offered some compelling signs of improvement, particularly top-line growth and in-market performance. Rebuilding momentum takes time, especially in challenging market environments. We increased the levels of investment in our supply chain in the quarter, a process we will continue. This multi-year program will improve the infrastructure and drive reliability and capability," said John Bryant, Kellogg Company's president and chief executive officer.

The company also offered a look at what it expects in 2012. It said it expects internal net sales to grow by 4 to 5 percent, and earnings per share are anticipated to grow 2 to 4 percent. This included the $2.5 billion share buyback program the company has for three-years.

Bryant went on to say, "We're making progress in 2011 by strengthening our innovation pipeline and investing in our supply chain. We expect this progress to continue throughout 2012 as we work ...