General Mills backs full-year forecast

General Mills reaffirms full-year forecast, expects strong first quarter

Associated Press

MINNEAPOLIS (AP) -- General Mills Inc. on Tuesday reaffirmed its full-year earnings forecast and said it expects improved sales for its fiscal first quarter.

The food maker, speaking at the Barclays Back-to-school Conference in Boston, said it continues to expect to earn between $2.87 and $2.90 per share on an adjusted basis for its fiscal year ending in May. Analysts, on average, are anticipating $2.91 per share, according to FactSet

General Mills also said that it expects its first-quarter sales will improve year-over-year thanks to contributions from new products and recently acquired brands, such as the food line Yoki in Brazil. The company also said that it anticipates its gross margin will be lower in the first quarter due to higher ingredient costs and a change in business mix.

The Minneapolis-based company will report its fiscal first-quarter results on Sept. 18.

Shares of General Mills slipped 28 cents to $49.04 by early afternoon.

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