General Mills Raises Full-Year Earnings Outlook

Tuesday, June 09, 2009

Consumer foods giant General Mills on Monday lifted its fiscal 2009 earnings forecast, citing a lower tax rate in the fiscal fourth quarter.

The Minneapolis-based company said it expects to beat its previous full-year guidance for $3.87 to $3.89 per share, excluding several one-time items. Analysts currently expect a full-year profit of $3.89 per share.

General Mills is set to deliver its 2009 fiscal fourth-quarter and full-year earnings report July 1.

The company also said that its full-year 2010 profit would be around $4.15 per share. On average, Wall Street analysts expect a slightly higher $4.16 per share. General Mills shares rose $1.78, or +3.4%, in morning trading Monday.

We added shares of GIS to our "recommended" list back on April 24, when the stock was trading at $49.67. We still find shares of the cereal maker attractive at current levels. The company has a 3.30% dividend yield, based on Friday's closing stock price of $52.16.


Courtesy: Forbes.Com