General Mills affirms full-year outlook, expects earnings to fall in fiscal 1st quarter
By APWednesday, September 8, 2010
General Mills backs full-year outlook
MINNEAPOLIS — Cereal and snack maker General Mills Inc. on Wednesday affirmed its full-year guidance and said it does not expect first-quarter net income to rise from a year ago.
In the prior year, first-quarter earnings rose 51 percent, to $1.28 per share, excluding one-time items, as ingredient costs fell and demand for its products remained strong.
Analysts expect earnings of 80 cents per share, according to a poll by Thomson Reuters.
General Mills affirmed full-year guidance of $2.46 to $2.48 per share. Analysts expect earnings of $2.48 per share.
“While economic activity and consumer confidence remain relatively weak, our food businesses around the world are resilient and poised to deliver continuing high-quality sales and earnings growth in 2011 and beyond,” CEO Ken Powell said in a statement.
The company plans to report first-quarter results Sept. 22.
(This version corrects the outlook range to $2.46 to $2.48 per share.)
