Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

Merrill Trims International Multifoods Outlook


Merrill Lynch lowered its estimates on International Multifoods (IMC).

Analyst Leonard Teitelbaum says the entire baking industry been showing soft trends lately, and International Multifoods is not spared. He says softer sales of cake mixes and retailers' ongoing de-stocking are the primary reasons for his earnings adjustments. Teitelbaum lowered his fiscal 2003 (Feb.) and fiscal 2004 earnings per share estimates by about three cents each, to reflect retailers' de-stocking of some key product lines.He now sees $1.57 fiscal 2003 earnings per share, and $1.72 for fiscal 2004. Teitelbaum says his neutral rating is a function of waiting until solid momentum from the company's 2001 acquisition of Pillsbury Desserts and Specialty Products Businesses produces predictable and sustainable results.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus