US: General Mills reaffirms earnings guidance
General Mills reaffirmed its earnings guidance yesterday (19 November) with CFO Don Mulligan insisting the company was "on track" to post earnings per share of US$3.81-3.85.
Mulligan reiterated the US food giant's forecast at the Morgan Stanley Global Consumer and Retail Conference in New York.
The company estimates that it will see "mid single-digit" net sales growth, "mid single-digit" segment operating profit growth and earnings per share of $3.81 to $3.85 before any impact from mark-to-market valuation of certain commodity positions and a gain from the recent sale of the Pop Secret microwave popcorn business.
General Mills raised its full-year earnings guidance in September on the back of a strong first quarter, driven by solid consumer demand for its products around its markets.
The Cheerio maker saw net sales for the first quarter grow 14% to $3.5bn. Volume increases (measured in pounds) contributed four points of sales growth. Segment operating profits grew 9% to $632m, despite higher input costs and a 17% increase in consumer marketing investment.
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