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December 18, 2013
10:46 EDTPOST, GIS, KGeneral Mills falls after earnings, $12M fraud-related asset loss
Shares of cereal and packaged foods maker General Mills (GIS) are lower this morning after the company reported second quarter results that missed expectations. WHAT'S NEW: General Mills reported Q2 adjusted earnings per share of 83c and revenue of $4.88B, which fell short of analysts’ consensus estimates of 88c and $4.94B, respectively. Despite missing estimates, the company backed its FY14 adjusted EPS view of $2.87-$2.90. The consensus forecast of analysts for FY14 EPS prior to the report was $2.90. The company noted that foreign currency effects are now expected to be a greater headwind than originally estimated. "Possible devaluation of the Venezuelan bolivar would likely reduce EPS to the low end of the company's guidance range," General Mills added. The company said it expects earnings growth to accelerate in the second half of the year from first half levels and expects the rate of input cost inflation to ease in the later part of the year. WHAT'S NOTABLE: On its earnings conference call, General Mills said it had a $12M fraud-related asset loss in its international supply chain involving an outside party; the company said an investigation is ongoing, but added that it believes it has adequately reserved for its exposure. The company also said it is about 70% covered on its commodity needs for the fiscal year, and it sees 3% supply chain inflation for the year, with 2H inflation lower than 1H. The company expects low single digit net sales growth for the year, as well as low single digit growth in operating cash flow. General Mills expects that foreign exchange will continue to dampen net sales growth in 2H, but said it is seeing "good growth" in its December shipments. PRICE ACTION: General Mills is trading down $1.00, or 2.02%, to $48.58 in mid-morning trading. OTHERS TO WATCH: Shares of General Mills peer Kellogg (K) are down modestly to $60.12, while another cereal maker, Post (POST), is virtually unchanged at $47.98.
News For GIS;K;POST From The Last 14 Days
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April 17, 2014
07:54 EDTPOSTPost Holdings to host conference call
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06:17 EDTPOSTPost Holdings sees Michael Foods acquisition accretive to EPS
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06:11 EDTPOSTPost Holdings to acquire Michael Foods for $2.45B
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06:10 EDTPOSTPost Holdings to acquire Michael Foods for $2.45B
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April 16, 2014
12:16 EDTPOSTPost likely to beat out Tyson for Michael Foods, WSJ says
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April 14, 2014
07:55 EDTKKellogg buyout structured like Heinz LBO could work, says BofA/Merrill
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April 11, 2014
15:44 EDTPOSTTyson, Post final contenders to buy Michael Foods, Reuters says
Michael Foods, the egg and dairy products maker that has been put up for sale by Goldman Sachs' (GS) private equity arm, is evaluating binding bids from Tyson (TSN) and Post (POST) and is near a deal to be sold to one of the two for close to $2.5B, according to Reuters, citing people familiar with the matter. Reference Link
April 10, 2014
06:09 EDTKKellogg implied volatility of 23 at upper end of index mean range
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06:05 EDTKStocks with implied volatility movement; DLLR K
Stocks with implied volatility movement; DFC Global (DLLR) 34, Kellogg (K) 22 according to iVolatility.
April 9, 2014
09:22 EDTKKellogg initiated with a Buy at Nomura
Target $70.
07:29 EDTKKellogg speculated as Berkshire target amid volatile trading, Bloomberg says
Kellogg (K) shares have surged over last week amid speculation the company may be a takeover target for Warren Buffett’s Berkshire Hathaway (BRK.A), said Bloomberg's "Real M&A" column, which noted that Kellogg fits the financial criteria for the types of acquisitions Buffet has made in the past. Kellogg could also appeal to another food company, like PepsiCo (PEP) or Nestle (NSRGY), the report added. Reference Link
07:18 EDTKKellogg volatility elevated on wide price movement
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