NEW YORK, June 29 (Reuters) - General Mills Inc forecast fiscal 2011 earnings below Wall Street expectations, sending the food maker's shares down more than 4 percent.
The company, whose brands include Cheerios, Green Giant, Haagen-Dazs, Pillsbury and Wheaties, forecast full-year earnings of $2.46 to $2.48 per share. Analysts on average were expecting $2.49 per share, according to Thomson Reuters I/B/E/S.
Chief Financial Officer Don Mulligan said the company's outlook assumes no earnings-per-share growth for the current first quarter, but the full-year forecast is in line with its long-term model.
General Mills also said its full-year plan assumes an increase of 4 percent to 5 percent in supply-chain costs and sales that grow at a low single-digit rate.
For the fiscal fourth quarter, which ended on May 30, General Mills reported net income of $211.9 million, or 31 cents per share, down from $358.8 million, or 53 cents per share, a year earlier.
Excluding items, General Mills earned 41 cents per share, in line with analysts' estimates.
Sales fell 2 percent to $3.57 billion.
General Mills shares fell 4.5 percent to $35.25 after closing at $36.90, down 1.3 percent in the regular session on the New York Stock Exchange.
(Reporting by Martinne Geller; Editing by Gary Hill) Keywords: GENERALMILLS/ (Reuters Messaging: martinne.geller.reuters.com@reuters.net; (646) 223-6023) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The company, whose brands include Cheerios, Green Giant, Haagen-Dazs, Pillsbury and Wheaties, forecast full-year earnings of $2.46 to $2.48 per share. Analysts on average were expecting $2.49 per share, according to Thomson Reuters I/B/E/S.
Chief Financial Officer Don Mulligan said the company's outlook assumes no earnings-per-share growth for the current first quarter, but the full-year forecast is in line with its long-term model.
General Mills also said its full-year plan assumes an increase of 4 percent to 5 percent in supply-chain costs and sales that grow at a low single-digit rate.
For the fiscal fourth quarter, which ended on May 30, General Mills reported net income of $211.9 million, or 31 cents per share, down from $358.8 million, or 53 cents per share, a year earlier.
Excluding items, General Mills earned 41 cents per share, in line with analysts' estimates.
Sales fell 2 percent to $3.57 billion.
General Mills shares fell 4.5 percent to $35.25 after closing at $36.90, down 1.3 percent in the regular session on the New York Stock Exchange.
(Reporting by Martinne Geller; Editing by Gary Hill) Keywords: GENERALMILLS/ (Reuters Messaging: martinne.geller.reuters.com@reuters.net; (646) 223-6023) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.