On September 21, 2011, General Mills, Inc. (NYSE:GIS) reported results for the first quarter of fiscal 2012, posting adjusted EPS 2 cents above street consensus.
The Company reported net income of $405.6 million or 61 cents a share in its first fiscal quarter, a decrease of 14.1% year over year from net income of $472.1 million or 70 cents a share in the same quarter a year earlier.
Excluding mark-to-market valuation of certain commodity positions, the company posted an adjusted EPS of 64 cents a share, 2 cents above the street expectation of 62 cents a share.
Net sales for the first fiscal quarter increased 8.9% year over year to $3.85 billion from $3.5 billion in the same quarter a year earlier, slightly above the consensus of $3.8 billion. The international Yoplait acquisition contributed 3 points of net sales growth. Net sales for General Mills’ U.S. retail segment grew 3% year over year to $2.51 billion, for international businesses grew 30% year over year to $856 million, for the Bakeries and Foodservice segment grew 13% year over year to $481 million.
Looking forward, the company reaffirmed its full-year fiscal 2012 EPS guidance of $2.59 to $2.61, excluding any mark-to-market effects and integration costs for the Yoplait acquisition.
Shares of a global manufacturer and marketer of consumer foods sold through retail stores went down by 0.13% to $37.49 in its last trading session. Over the past 52 week, the stock has been trading in the range of $34.54-$40.00. Currently, the market cap of the stock stands at $24.18 billion at P/E of 13.87.
The Company is also a supplier of branded and unbranded food products to the foodservice and commercial baking industries. General Mills manufactures its products in 15 countries and markets them in more than 100 countries.
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