General Mills Reports Increased Profits; Matches Estimates (GIS)
Consumer foods manufacturer, General Mills, Inc.(GIS) reported an increase in profits on Wednesday, beating analysts estimates.
The Minneapolis, MN based company reported Q2 net income of $541.6 million, or 82 cents per share, up 18% from last years net income of $444.8 million, or 67 cents per share. Excluding special items, GIS reported net income of 86 cents per share, up from 76 cents per share last year. On average, analysts expected EPS of 76 cents.
Quarterly revenue came in at $4.88 billion, a 5% increase from $4.62 last year, and matching analysts estimates.
Looking ahead, the company expects to see FY2013 in the range of $2.65 to $2.67 per share. Analysts expect to see EPS of $2.67.
The company’s estimates assume a higher tax rate, and a high level of inflation increases, resulting from last summers droughts.
General Mills shares were up 75 cents, or 1.8% during premarket trading Wednesday. The stock is up 3.3% YTD.
The Bottom Line
Shares of General Mills (GIS) have a 3.16% dividend yield, based on last night’s closing stock price of $41.77. The stock has technical support in the $39 price area. The shares are trading at all-time highs.
General Mills, Inc.(GIS) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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