Originally published at www.seclive.com
Filing in Focus: General Mills 10-Q, December 18, 2013
General Mills, Inc. (NYSE:GIS) announced its fiscal year 2014 second quarter results, revealing performance that lagged behind last year this quarter. The packaged foods company, which includes notable brands like Cheerios, Yoplait, Pillsbury, and many others, reported flat revenues of $4.88B, missing analyst expectations of $4.95B. Earnings improved slightly by 1.5% from $541.6M and $0.82 per share to $549.9M and $0.84 per share. Some analysts are quick to mention that last year's figures include Thanksgiving Day while this year's results do not include the holiday. CEO Ken Powell commented that several factors, including a rise in input cost inflation and a slowing food and beverage U.S. market, have somewhat hindered the company's results. General Mills also noted that foreign exchange rates will likely have a notable negative impact on the second half of the fiscal year.
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