General Mills has lifted its forecast for underlying annual earnings after reporting a “good” performance in the first half of the US group’s financial year.
The Green Giant and Old El Paso owner today (19 December) refreshed its guidance for adjusted EPS for its current fiscal year. It now forecasts adjusted EPS will be US$2.65-2.67, excluding mark-to-market effects, a tax benefit, as well as restructuring and integration costs. The company’s previous forecast was $2.65.
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General Mills reported a 28% increase in first-half net earnings to $1.09bn. Segment operating profit was 8% higher at $1.73bn.
The higher profits came on the back of improved sales. Revenues were boosted by contributions from General Mills’ new Brazilian business Yoki and its Yoplait business in Canada, where the company has attained the sales and distribution rights to the yoghurt.
Sales grew 5% to $8.93bn, with volumes contributing eight points to the increase.
Shares in General Mills were down 0.86% at $41.41 at 12:49 ET.
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By GlobalDataClick here to read General Mill’s views on the prospects for its US cereal and yoghurt businesses.
