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.
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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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