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.
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