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March 14, 2014
10:48 EDTGIS, POST, KGeneral 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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January 26, 2015
06:46 EDTPOSTPost Holdings to host conference call
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06:14 EDTPOST MOM Brands CEO Chris Neugent to continue to lead brand
MOM Brands announced that it has entered into a definitive agreement for the sale of the company to Post Holdings in a transaction valued at approximately $1.15B. The transaction, which is subject to customary closing conditions, including regulatory approval, is expected to close by Q3. Upon closing, MOM Brands chairman and CEO Chris Neugent will continue to lead the MOM Brands business as president, reporting to Richard Koulouris, who is joining Post Holdings February 9 to lead the combined Post Foods and MOM Brands cereal business.
06:08 EDTPOSTPost Holdings sees MOM Brands acquisition immediately accretive
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06:07 EDTPOSTPost Holdings sees FY15 adjusted EBITDa $540M-$580M
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06:07 EDTPOSTPost Holdings reports preliminary Q1 sales $1.07B, consensus $1.07B
Reports preliminary Q1 EBITDA $126M-$128M. The company said each of Post's businesses performed consistent with Post management's expectations for the first fiscal quarter, except for Post Foods and Michael Foods which outperformed Post management's expectations. The above estimates include approximately three months of financial results from the Company's acquisition of the PowerBar and Musashi brands and related assets on October 1, 2014 and approximately two months of financial results from the Company's acquisition of American Blanching Company on November 1, 2014.
06:07 EDTPOSTPost Holdings to acquire MOM brands for $1.15B
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06:04 EDTPOSTPost Holdings to acquire MOM brands for $1.15B
January 15, 2015
05:35 EDTKKellogg completes acquisition of majority stake in Bisco Misr
Kellogg announced it has acquired a majority stake in Bisco Misr. This transaction advances Kellogg's global snacks business in growing emerging markets. Kellogg Company has agreed to pay EGP 89.86 per share for 85.93% of total outstanding Bisco Misr shares. Kellogg Company is financing the transaction with debt. Due to the size of Kellogg's percentage ownership, the company will consolidate Bisco Misr's results into its own.
January 12, 2015
10:34 EDTPOST, K, GISFood makers slip as Citi highlights headwinds with downgrades in space
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10:00 EDTKOn The Fly: Analyst Downgrade Summary
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06:15 EDTKKellogg downgraded to Neutral from Buy at Citigroup
Citigroup downgraded Kellogg to Neutral and other names in the food manufacturing space citing high valuations, volume declines and risk to growth estimates for companies with exposure to Europe and Emerging Markets. Citi cut its price target for shares to $71 from $73.
05:33 EDTKKellogg to acquire majority stake in Bisco Misr Upon
Kellogg announced it expects to acquire an 85.93% stake in Bisco Misr based upon the number of shares tendered to the company through the Egyptian Stock Exchange as of the close of Kellogg's Mandatory Tender Offer yesterday. Kellogg's final bid offer is EGP 89.86 per share. The transfer of the shares will be completed within 5 Egyptian business days and no later than January 18.

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