General Mills Cuts Earnings Outlook; Shares Fall


General Mills is lowering is fiscal 2012 adjusted earnings forecast, saying it experienced softer volumes in the U.S. during December and January.

General Mills
Source: generalmills.com

Its shares fell 3.4 percent in premarket trading, though they were off their lowest levels of the morning.

The Minneapolis company, which makes foods such as Cheerios cereal, Nature Valley granola and Hamburger Helper, said it now expects adjusted earnings of $2.53 to $2.55 per share. Its prior guidance was for earnings between $2.59 and $2.61 per share.

Analysts polled by FactSet forecast earnings of $2.60 per share.

For its fiscal third quarter, General Mills expects earnings of 54 cents to 56 cents per share. In the same period last year its made 56 cents per share.

General Mills plans to report earnings on March 21.