Originally published at www.seclive.com
Filing in Focus: General Mills 8-K, March 14, 2014
General Mills, Inc. (NYSE:GIS) announced its financial results for the third fiscal quarter of 2014 while also updating its fiscal 2014 outlook. The packaged-foods maker reported a 1.2% decrease in net sales to $4.38B while its gross margin improved from 34.4% to 34.6% thanks to a 1.5% decline in input costs. Earnings improved from the year-ago $398.4M and $0.60 per share to $410.6M and $0.64 per share however adjusted earnings per share fell from $0.66 to $0.62. Comparing performance to analyst estimates, the company fell short on predicted $4.43B revenue while meetings its own adjusted earnings expectations. Chairman and CEO Ken Powell remarked that the severe winter weather affected sales across the food industry and that the company's performance was included in that negative effect.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.