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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
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October 22, 2014
10:18 EDTGISBoulder Brands tumbles after lowering profit outlook
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October 21, 2014
10:00 EDTPOSTOn The Fly: Analyst Upgrade Summary
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06:04 EDTPOSTPost Holdings upgraded to Buy from Neutral at Goldman
Goldman upgraded Post Holdings to Buy due to compelling valuation, earnings power, cost cutting initiatives, and expectations for a resumption in M&A. Price target raised to $44 from $42.
October 19, 2014
13:03 EDTPOSTPost Holdings shares look attractive, Barron's says
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October 14, 2014
11:34 EDTPOSTMitsubishi Corp., Post, others vie for Bumble Bee, Bloomberg says
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October 13, 2014
17:24 EDTGISS&P announces changes to the S&P MidCap 400 and S&P SmallCap 600 indices
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07:15 EDTGISNational Association of Corporate Directors to hold a conference
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October 10, 2014
17:03 EDTPOSTPost Holdings names Jeff Zadoks CFO
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October 9, 2014
17:08 EDTPOSTPost Holdings to reorganize into three groups
Post is reorganizing around three distinct groups. Post's newly formed Consumer Brands Group includes the legacy Post Foods cereal operations as well as the recently acquired active nutrition businesses of Premier Nutrition Corporation, Dymatize Enterprises and the PowerBar and Musashi brands. James Holbrook has been named president and CEO of the Consumer Brands Group. The Michael Foods Group is now comprised of the Michael Foods' egg, cheese and potato businesses, which Post acquired in June, and Dakota Growers Pasta Company, acquired in January. It will be headed by James Dwyer, Jr. as president and CEO. Post's remaining businesses, consisting of Golden Boy Foods and Attune Foods, will comprise the Private Label Group. This Group will report directly to CEO Robert Vitale.
17:05 EDTPOSTPost Holdings names Robert Vitale CEO
Robert Vitale has been named Post Holdings' president and CEO. Vitale has served as Post's CFO since its formation in October 2011. William Stiritz, who has served as chairman and CEO since Post separated from Ralcorp Holdings in 2012, will continue with Post's executive team in the newly-created role of executive chairman. Terence Block, currently president and COO, has decided to retire from Post.

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