General Mills sees Q4 input inflation well below year-ago levels Sees "strong" earnings growth in Q4. Sees FY input cost inflation 3%. Says expects underlying gross margin expansion in Q4. Sees FY interest expense slightly below last year. Sees FY underlying tax rate roughly comparable to last year. Seeing positive results from inventory reduction efforts. Sees strong double digit growth in adjusted EPS for FY14. Sees FY operating cash flow meeting or exceeding last year's results. Comments made on the Q3 earnings conference call.
General Mills says to cut 800 jobs primarily in the U.S. The company said earlier that "During Q2, we approved Project Catalyst, a restructuring plan to increase organizational effectiveness and reduce overhead expense. In connection with this project, we expect to eliminate approximately 800 positions primarily in the United States. We expect to incur approximately $146M of net expenses relating to these actions of which approximately $127M will be cash. We expect these actions to be largely completed by the end of fiscal 2015."