Packaged foods maker General Mills, Inc. (
) on Tuesday said its fiscal second quarter earnings plunged 28%
from last year due to higher input costs.
The Minneapolis-based company reported fiscal second quarter net
income of $444.8 million, or 67 cents per share, compared with
$613.9 million, or 92 cents per share, in the year-ago period.
Excluding one-time items, adjusted profit was 76 cents per
Sales rose 14% from last year to $4.62 billion, as the company
was able to partially offset higher costs by raising prices on key
On average, Wall Street analysts expected a higher profit of 79
cents per share, albeit on slightly lower revenue of $4.6
Looking ahead, GIS reaffirmed its full-year 2012 earnings
outlook for profits of $2.59 to $2.61 per share, excluding items,
while analysts are looking for $2.61 per share.
General Mills shares fell $1.24, or -3.1%, in premarket trading
The Bottom Line
Shares of General Mills (
) have a 3.08% dividend yield, based on last night's closing stock
price of $39.59. The stock has technical support in the $37-$38
price area. The shares are trading near all-time highs and have
little overhead resistance.
General Mills, Inc. (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
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, as well as a detailed explanation of
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