General Mills Reaffirms Fiscal 2011 Earnings Guidance (GIS)

General Mills GIS said it was on track to achieve its sales and earnings targets for the fiscal year ending May 2011. The company reaffirmed its fiscal 2011 earnings per share guidance of $2.46 to $2.48 before any effects of mark-to-market valuation. General Mills also said it expects first-quarter results (to be reported on September 22, 2010) to be in line with company expectations, which did not call for earnings per share growth on top of last year’s very strong first quarter increase. Chairman and Chief Executive Officer Ken Powell said, “While economic activity and consumer confidence remain relatively weak, our food businesses around the world are resilient and poised to deliver continuing high-quality sales and earnings growth in 2011 and beyond.