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.