New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
March 14, 2014
10:48 EDTGIS, K, POSTGeneral Mills shares drop after forecasting Q3 earnings miss
Shares of cereal and packaged foods maker General Mills (GIS) are lower this morning after the company provided third quarter guidance that missed expectations. WHAT'S NEW: General Mills forecast Q3 adjusted earnings per share of 61c-62c, which fell short of analysts’ consensus estimates of 68c. Sales and operating profit for the quarter will reflect approximately 1% lower volume, "consistent with recent food industry trends in developed markets, as well as negative foreign currency translation effects," the company said. General Mills also said results for the quarter would include increased marketing and merchandising investment in its U.S. yogurt business, "where response to-date has been encouraging." The company also said that operating profit for its U.S. Retail segment is expected at 10%-11% below year-ago results, which were up 13%. Total segment operating profit is also expected to be below last year’s level. WHAT'S NOTABLE: 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 $2.88. General Mills also forecast "strong double-digit growth" in its fourth quarter adjusted EPS, when the expected rate of input cost inflation, the quarterly tax rate and the average number of shares outstanding will be "well below" prior-year levels. Analysts are expecting Q4 adjusted EPS of 66c. The company also predicts strong operating cash flow, earnings growth in 2014 and continued growth in fiscal year 2014. OTHER NEWS: General Mills announced an 8% dividend increase earlier this week to 41c per share, payable May 1 to shareholders of record on April 10. Including the new May quarterly payment, General Mills dividends per share in FY14 will total $1.55, up 17% from FY13. PRICE ACTION: General Mills is trading down $1.14, or 2.23%, to $49.88 in mid-morning trading. OTHERS TO WATCH: Shares of General Mills peer Kellogg (K) are down to $61.31, while another cereal maker, Post (POST), is virtually unchanged at $57.25.
News For GIS;K;POST From The Last 14 Days
Check below for free stories on GIS;K;POST the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
July 25, 2014
13:17 EDTKKellogg increases dividend by 6.5% to 49c
Subscribe for More Information
July 23, 2014
07:14 EDTPOSTAckman accused of lying during Herbalife presentation by Ramey, CNBC says
Subscribe for More Information
July 15, 2014
10:00 EDTKOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Adecogro (AGRO) downgraded to Underperform from Neutral at BofA/Merrill... Campbell Soup (CPB) downgraded to Sell from Neutral at Goldman... Credicorp (BAP) downgraded to Neutral from Overweight at JPMorgan... El Paso Pipeline (EPB) downgraded to Neutral from Buy at Citigroup... Kellogg (K) downgraded to Sell from Neutral at Goldman... Kodiak Oil & Gas (KOG) downgraded to Market Perform from Outperform at BMO Capital... Lexmark (LXK) downgraded at Bernstein... Maxim Integrated (MXIM) downgraded to Equal Weight from Overweight at Barclays... Republic Airways (RJET) downgraded to Underperform from Neutral at BofA/Merrill... Sasol (SSL) downgraded to Neutral from Buy at Citigroup... Time Warner (TWX) downgraded to Equal Weight from Overweight at Evercore.
08:51 EDTGISGeneral Mills inaugurates facility in China
Subscribe for More Information
08:50 EDTGISGeneral Mills expects double-digit net sales growth from Greater China this year
Subscribe for More Information
05:43 EDTKKellogg downgraded to Sell from Neutral at Goldman
Goldman Sachs downgraded Kellogg to Sell on expectations the company's sales will miss expectations and its full year guidance could be cut when the company reports on July 31. Goldman thinks sales weakness is wiping out benefits from cost-savings and it lowered its price target for shares to $59 from $64.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use