General Mills Cuts Fiscal 2012 Adj. Profit Outlook

Published February 17, 2012 1:09PM (EST)

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

Its shares fell $1.69, or 4.3 percent, to $38.09 in premarket trading on Friday.

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.

By Salon Staff

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