General Mills has lowered its forecast for annual earnings on the back of weak volumes in the US.
The US food manufacturer, which sells brands including Cheerios cereal and Progresso soups, cut its full-year adjusted diluted EPS guidance to $2.53 to $2.55 per share, below the $2.59 to $2.61 per share profit it had previously expected. The company predicted a per-share profit of $0.54 to $0.56 for its fiscal third quarter.
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General Mills blamed “weak” volumes in the US in December and January for the profit warning, which hit its shares. The company’s stock was down 3.57% at US$38.36 at 10:37 ET today (17 February).
It will report its financial results for its third quarter on 21 March.
