US cereal maker General Mills said it expects “healthy” sales and profit growth for the year as it outlined its earnings guidance for fiscal 2014.
Following the company’s investor conference yesterday (9 July), General Mills said it expects adjusted diluted earnings per share in the range of $2.87 to $2.90 per share. The firm reiterated it anticipates low single-digit sales growth and mid single-digit growth in segment operating profit.
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CFO Don Mulligan said innovation will fuel growth in fiscal 2014 and outlined plans to launch around 200 new products globally in the first half of the year, with more expected later in the year.
“We’ve planned a year with healthy levels of sales and earnings growth,” Mulligan told investors. “We see margins expanding a bit, and we see advertising support for our brands growing in line with sales. We expect to generate strong cash flows from operations again in 2014, with much of that cash returning to shareholders through dividends and share repurchase.”
The company booked an increase in full-year sales and earnings in June, boosted by the contribution of new business and rising international revenues.
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By GlobalData
