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News Breaks
July 8, 2014
10:04 EDTGISGeneral Mills sees FY15 adjusted EPS up high single digits vs. FY14's $2.82
Consensus is $3.02. Sees FY15 net sales up mid single digits vs. FY14's $17.91B, consensus $18.56B.
News For GIS From The Last 14 Days
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October 2, 2015
15:17 EDTGISGeneral Mills voluntarily recalls Cascadian Farm Cut Green Beans
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September 28, 2015
09:22 EDTGISGeneral Mills management to meet with JPMorgan
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September 25, 2015
06:48 EDTGISCereal makers tweak recipes in emerging markets, WSJ says
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September 22, 2015
12:22 EDTGISConAgra falls after Q1 revenue significantly misses estimates
Shares of packaged food company ConAgra (CAG) are falling after the company's first quarter revenue fell significantly short of analysts' consensus estimates. WHAT'S NEW: This morning, ConAgra reported Q1 adjusted earnings per share of 45c, ahead of the consensus of 40c, and revenue of $2.79B, well short of expectations of $3.67B. ConAgra reported Q1 Consumer Foods sales of approximately $1.7B and Commercial Foods segment sales of $1.1B. The divestiture process for the private label operations is proceeding as planned, and the company expects to have an announcement on the outcome of this process later this fall. The company will assess opportunities to increase the dividend after it is further along with the strategic plan outlined at the end of fiscal 2015. WHAT'S NOTABLE: Looking ahead to Q2, the company expects diluted EPS, adjusted for items impacting comparability, to be approximately in line with year-ago comparable amounts, compared to consensus of 63c. Despite strong fundamentals and expectations for continued margin expansion, comparable operating profits for the Consumer Foods segment in the fiscal second quarter are expected to be negatively impacted by foreign exchange, as well as a planned increase in marketing investment. Profits for the Commercial Foods segment are expected to post an increase in profitability year-over-year in the fiscal second quarter. Expected contribution from the private label operations, which are now in discontinued operations, is included in this guidance. On its Q1 conference call, ConAgra said its private brands divestiture was "on track" and there was "a lot of interest" in it. Management noted that they were "aggressively" pursuing maximizing actions and making "good progress" on margin improvement efforts. They said they were committed to an investment grade rating, marketing investments will increase throughout the year, and results from the last six months indicate positivity going forward. They said the company took a $1.95B charge on private label business in Q1, but remain confident that they will realize a tax benefit from the capital loss. PRICE ACTION: In early afternoon trading, ConAgra fell $2.39, or about 5.64%, to $40.01 on heavy trading volume. Despite the pull back, the shares have gained approximately 19% over the past 12 months. OTHERS TO WATCH: Other companies in the packaged foods space include Boulder Brands (BDBD), down 0.5%, Pinnacle Foods (PF), down 2.5%, General Mills (GIS), up 0.6%, JM Smucker (SJM), down 3%, and TreeHouse Foods (THS), down 0.4%.
09:08 EDTGISGeneral Mills says to increase consumer investment in Larabar in 2H
08:38 EDTGISGeneral Mills sees Green Giant deal dilutive to FY16 EPS by 5c-7c
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07:07 EDTGISGeneral Mills backs FY16 adjusted EPS to grow at mid single-digit rate
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07:03 EDTGISGeneral Mills reports Q1 adjusted EPS 79c, consensus 69c
Reports Q1 revenue $4.21B, consensus $4.25B. On a constant currency basis, net sales increased 4%.
07:01 EDTGISGeneral Mills volatility low into Q1 and outlook
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September 21, 2015
14:57 EDTGISNotable companies reporting before tomorrow's open
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