USA: General Mills updates growth targets to include Pillsbury
General Mills (NYSE:GIS) on Friday (9 November) updated its projections of future financial performance to reflect its acquisition of the worldwide Pillsbury operations from Diageo plc (LSE:DGE.)(NYSE:DEO). This transaction was completed October 31, 2001. In fiscal 2001, which ended May 27, 2001, General Mills earned $2.28 per diluted share excluding unusual items and goodwill amortization. With Pillsbury added, General Mills estimates that its diluted earnings per share excluding unusual items can grow at a 14 percent compound rate from this $2.28 base over the next three years, to a range of $3.40 to $3.50 per share in fiscal 2004. Beyond 2004, the company reaffirmed its goal of delivering 11 to 15 percent compound annual growth in earnings per share through the year 2010. Cash flow from operations is expected to increase from $737 million reported in fiscal 2001 to $1.6 billion in 2004. General Mills also reaffirmed its plans to maintain the prevailing annual dividend rate of $1.10 per share.
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