Cereal giant Kellogg (NYSE:K) reported third-quarter earnings this morning, and investors apparently liked what they saw; shares are up in trading so far today.

Kellogg announced net sales of $3.7 billion, with net earnings of $326 million, which comes out to $0.90 a share. The numbers were largely in line with analysts' expectations. Kellogg's North American and Asia Pacific sales decreased, though the company saw sales growth in Latin America and Europe. In addition to reporting earnings, Kellogg also announced a cost-efficiency program called "Project K." About 7% of Kellogg's workforce will be cut under this restructuring plan.

Motley Fool analyst Jason Moser thinks this was a middling earnings report. Additionally, he believes Kellogg faces uncertainty in the coming months -- the restructuring program suggests as much. The company may also begin to feel the effects of cuts to the SNAP food stamp program. As a result, Jason doesn't have high expectations for the stock moving forward.