general mills inc (GIS) Snapshot

General Mills revised earnings guidance for the fiscal year ended May 26, 2013. The company now expects to deliver fiscal 2013 adjusted diluted earnings per share of $2.68 - $2.69. The company's previous guidance was $2.66 - $2.68. The company also reiterated guidance for fiscal 2014 of high single-digit growth in adjusted diluted earnings per share and increased cash returns to shareholders.

General Mills, Inc. a voluntary Class I recall of a small quantity of single-serve reduced-sugar Cinnamon Toast Crunch bowlpak sold in foodservice establishments. This action is being taken as a precaution because the company was notified by an ingredient supplier that it had recalled an ingredient due to the possible presence of salmonella. No illnesses have been associated with this finding. The recall affects approximately 168 cases of product. No other varieties or sizes of Cinnamon Toast Crunch are involved. No other General Mills products are impacted. This voluntary recall includes single-serve reduced-sugar Cinnamon Toast Crunch bowlpaks with the following "Better if Used By" dates printed on the package: 31AUG2013 and 02SEP2013.

General Mills, Inc. reaffirmed earnings guidance for fiscal year ending May 2013 and for fiscal 2014. The company reported that it is on track to achieve its key financial targets for the fiscal year ending May 2013. The company reaffirmed guidance for 2013 adjusted diluted earnings per share of $2.66-$2.68. The company expects to report mid-single-digit growth in net sales. This includes low single-digit growth from its established businesses and contributions from recent acquisitions. The company expects operating profit to grow at mid-single-digit rates as well. And the company expects to deliver earnings per share of $2.66 to $2.68 before items affecting comparability. The company also reiterated guidance for fiscal 2014 of high single-digit growth in adjusted diluted earnings per share and increased cash returns to shareholders. The company expects high single-digit growth in adjusted diluted earnings per share. Operating profit from new businesses is expected to represent $0.15 of earnings per share in 2014. The company expects to generate strong operating cash flow.