UPDATE 2-Kraft Heinz quarterly income falls by a third, shares slide

(Adds Kellogg, industry background, updates shares)

CHICAGO, Nov 1 (Reuters) - Tater tots maker Kraft Heinz Co missed quarterly earnings estimates, sending its shares down more than 6 percent, as steep commodity costs, other expenses and pricing promotions overshadowed higher-than-expected sales.

Consumer goods companies have struggled in recent months to cope with skyrocketing costs for raw materials and transportation exacerbated by a shortage of truck drivers in the United States.

Kraft Heinz said pricing fell 0.9 percentage point during the third quarter, weighed down by Kraft Heinz's U.S. business as the company increased promotions on some of its products. Big food makers have been spending more on promotions and discounts this year, hoping to win back consumers that are increasingly turning to fresh, trendier brands.

Kellogg Co cut its full-year profit outlook on Wednesday due to higher spending on advertising, sending shares of the Corn Flakes maker tumbling 9 percent.

Pricing across the industry has also been squeezed for years as traditional grocery stores compete fiercely against Amazon.com Inc and discount retailers.

Net income attributable to Kraft Heinz shareholders slid 33.3 percent to $630 million, or 51 cents per share, in the third quarter ended Sept. 29, from $944 million, or 77 cents per share, a year earlier.

Excluding items, the Chicago-based company earned 78 cents a share, falling 3 cents short of analysts' average expectations, according to data from Refinitiv IBES.

The company, which owns the Velveeta cheese and Heinz ketchup brands, said net sales rose 1.6 percent to $6.38 billion, topping Wall Street estimates of about $6.31 billion.

Kraft Heinz shares were down 6.3 percent at $52.67 in extended trading. (Reporting by Richa Naidu Editing by Bill Berkrot)