General Mills Dropping Sharply (GIS)

General Mills GIS is down again today, after the company reported weaker than expected earnings yesterday. At last check, shares were off 65 cents to $35.94, a drop of $35.94. General Mills said that it would be raising prices to fight rising commodity prices, which were the main cause of the earnings miss. Earnings missed Wall Street estimates by $0.02, while revenue growth was essentially flat at 0.8% year over year. The food giant forecast a narrow earnings range of $2.46-$2.48 per share for FY11 -- in-line with the consensus estimate. The primary headwind was higher commodity and input costs, a trend that will continue in 2011.
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Posted In: MoversConsumer StaplesPackaged Foods & Meats
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