Kellogg Co. said Tuesday that a drop in cereal sales, intense competition and the lingering impact of some of the largest food recalls in the company’s history have made 2010 a difficult and disappointing year.

The world’s largest cereal maker hopes to regain its momentum in 2011, but executives said they are being pragmatic in their expectations.

“We are addressing the major issues that took us off course in 2010,” said CEO David Mackay. “We are also fully aware of the tough consumer and economic environment in which we are competing and operating, and the degree of volatility that this environment can create.”

Kellogg’s third-quarter net income fell 6 percent and the company issued a cautious 2011 forecast that sent shares down Tuesday.