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General Mills Inc. (NYSE:GIS) today announced better-than-expected fourth-quarter profit, driven by double-digit sales growth. But, the Minneapolis, Minnesota-based company gave a disappointing outlook, sending the stock lower in pre-market trading.
General Mills, which manufactures and markets consumer foods, reported fourth-quarter adjusted earnings of $403.8 million, or $0.60 per share, up from $344.2 million, or $0.52 per share reported in the same period last year. The company’s adjusted earnings for the fourth quarter beat consensus forecast of $0.59 per share.
GIS’s net sales for the quarter were $4.07 billion, up from $3.63 billion reported in the same period last year. Net sales for the fourth quarter missed consensus forecast of $4.11 billion.
GIS’s sales in the U.S. rose 2.9% for the quarter, while consolidated international sales rose 45.6% for the quarter.
For the full fiscal year, General Mills’ net sales climbed 12%.
CEO Ken Powell said in a statement that he expects fiscal 2013 to be another year of good growth for the company. General Mills expects adjusted earnings for fiscal 2013 to come in at $2.65 per share. This is below the consensus forecast of $2.75 per share.
GIS stock was down 1.05% in pre-market trading today.
