General Mills Misses Profit And Sales Expectations, Gives Downbeat Outlook

General Mills Inc. reported on Thursday a fiscal second-quarter profit that rose to $529.5 million, or 87 cents a share, from $346.1 million, or 56 cents a share, in the year-earlier period. Excluding non-recurring items, adjusted earnings per share came to 82 cents, missing the FactSet consensus of 83 cents. Sales fell 6.1% to $4.42 billion, below the FactSet consensus of $4.61 billion. U.S. retail segment sales declined 4% to $2.76 billion, missing the FactSet consensus of $2.9 billion, with lower sales in its snacks and baking products businesses. The consumer foods company, which brands include Cheerios, Betty Crocker and Haagen-Dazs, now expects full-year constant currency sales to decline at a low single-digit percentage rate from 2015, compared with a previous forecast of about flat. The stock, which fell 0.7% in light premarket trade, has climbed 11% year to date through Wednesday, while the S&P 500 has gained 0.7%.

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