General Mills: Earnings feel pinch of volume weakness

by World Grain Staff
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MINNEAPOLIS, MINNESOTA, U.S. — General Mills said on Feb. 17 that weak volume performance across U.S. retail food categories in December and January will have a negative impact on results for the quarter ending Feb. 26.

General Mills estimates that 2012 third-quarter adjusted diluted EPS will total 54¢ -56¢. In last year’s third quarter, adjusted diluted EPS was 56¢. The company will report fiscal 2012 third-quarter results on March 21.

General Mills revised its fiscal 2012 adjusted diluted EPS guidance to $2.53-$2.55. The company’s guidance had been $2.59-$2.61. Adjusted diluted EPS excludes the effects of mark-to-market valuation of certain commodity positions, and integration costs for the Yoplait international acquisition completed July 1, 2011.

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