General Mills 4Q results up 4 percent
Published 10:37 am Wednesday, June 29, 2016
MINNEAPOLIS — General Mills’ fiscal fourth-quarter results beat analysts’ expectations and the food company boosted its quarterly dividend by 4 percent.
Shares rose slightly in Wednesday premarket trading.
For the period ended May 29, the maker of Cheerios cereal, Yoplait yogurt and other packaged foods earned $379.6 million, or 62 cents per share. A year earlier the Minneapolis-based company earned $186.8 million, or 30 cents per share.
Earnings, adjusted for restructuring costs, came to 66 cents per share.
This topped the 60 cents per share that analysts surveyed by Zacks Investment Research expected.
Revenue slipped to $3.93 billion from $4.3 billion, but still beat the $3.84 billion that Wall Street was looking for.
For the year, General Mills Inc. posted an adjusted profit of $2.92 per share on revenue of $16.56 billion. Going forward, the company anticipates fiscal 2017 adjusted earnings per share to grow 6 percent to 8 percent, on a constant-currency basis, from fiscal 2016’s $2.92 per share.
For fiscal 2018, General Mills expects a low double-digit increase in adjusted earnings per share on a constant currency basis.
The company said that its board cited strong earnings growth and cash generation performance in declaring a quarterly dividend of 48 cents per share. The dividend is payable on Aug. 1 to shareholders of record on July 11. Its prior quarterly dividend was 46 cents per share.
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