General Mills increases full-year forecastMINNEAPOLIS (AP) — General Mills Inc. on Monday raised its earnings forecast for its 2013 fiscal year.
By: Associated Press, Associated Press
MINNEAPOLIS (AP) — General Mills Inc. on Monday raised its earnings forecast for its 2013 fiscal year.
The company now expects to earn between $2.68 and $2.69 per share for the year on an adjusted basis. This compares with its prior guidance of $2.66 to $2.68 per share.
Analysts, on average, were anticipating earnings of $2.70 per share for the year, according to FactSet.
The guidance was lifted ahead of a presentation at the Deutsche Bank Global Consumer Conference in Paris.
General Mills' fiscal year ended May 26 and it is scheduled to report its results on June 26.
The company also stood by its forecast of high single-digit growth in adjusted earnings per share and increased cash returns to shareholders for the new fiscal year.
General Mills, based in Minneapolis, makes foods such as Cheerios cereal, Nature Valley granola bars and Gold Medal flour.
Shares increased 73 cents, about 1.5 percent, to $48.93 in after-hours trading. Its stock added 12 cents to close regular trading at $48.20, up about 19 percent since the start of the year.