Breaking News


General Mills Cuts Full-Year Profit Forecast Amid Weak Demand

General Mills Inc. (GIS), the maker of Cheerios cereal and Yoplait yogurt, reduced its earnings forecast for this year, citing “weak” demand in the U.S.

Profit for 2012 will be $2.53 a share to $2.55 a share, the Minneapolis-based company said today in a statement. Previously, General Mills predicted $2.59 a share to $2.61 a share. Analysts projected $2.60, the average of estimates compiled by Bloomberg.

General Mills said “weak volume performance” across U.S. retail food categories in December and January hurt results in its fiscal third quarter. Yesterday, J.M. Smucker Co. (SJM), the maker of its namesake jams, said its full-year profit may be less than previously forecast because of lower consumer demand.

General Mills fell 4.5 percent to $38 at 7:55 a.m. in New York. The shares rose 14 percent last year.

To contact the reporter on this story: James Callan in New York at

To contact the editor responsible for this story: Robin Ajello at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.