General Mills Boosts Fiscal Year Earnings Outlook (GIS)
On Monday, packaged food manufacturer General Mills, Inc. (GIS), known for foods such as Cheerios, Progresso Soup, and Hamburger Helper, announced that it is raising its fiscal 2013 earnings forecast.
The Minneapolis, Minnesota-based company now expects to earn between $2.68 and $2.69 per share for fiscal 2013, up from the previous outlook of earnings between $2.66 and $2.68 per share.
Analysts, according to those polled by FactSet, are expecting the company to earn $2.70 per share for the year.
General Mills’ fiscal year ended on May 26, 2013, and will report fourth quarter and fiscal year earnings on June 26, 2013.
This revised guidance comes ahead of a presentation by the company at the Deutsche Bank Global Consumer Conference in Paris on Wednesday.
The company also said that it expects to see high single-digit growth in adjusted earnings per share and increase cash returns to shareholders for the new fiscal year.
General Mills shares were up 40 cents, or +0.83%, during pre-market trading on Tuesday. The stock is up +19.25% year-to-date.
The Bottom Line
Shares of General Mills (GIS) have a dividend yield of 3.15% based on last night’s closing price of $48.20 and the company’s annualized dividend payout of $1.52 per share.
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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