("General Mills To Kill Some Retail Products," published at 9:36 a.m. EST, incorrectly reported the company's stock change this year in the final paragraph. The correct version follows.)
DOW JONES NEWSWIRES
General Mills Inc. (GIS) expects to post $24.1 million in restructuring-related expenses this quarter as it exits undisclosed underperforming products in its retail business.
The company expects to complete the move by the end of the second quarter, which concludes Sunday, and that no employees will be affected. The charge is consistent with its fiscal-year earnings forecast, which includes an estimated $30 million in such costs, the company said in a filing Tuesday with the Securities and Exchange Commission.
General Mills also said earnings including the restructuring charges should be at least $1.43 a share a share. That is analysts' average estimate, according to Thomson Reuters, and their figures typically exclude such charges.
The products, which General Mills didn't identify, generated about $35 million in net sales in the company's last fiscal year. General Mills expects an additional $2.5 million of exit costs in later periods.
The company's earnings have been boosted in recent quarters by moderating commodity prices and strong sales of household products such as Hamburger Helper, Multigrain Cheerios and Pillsbury cookie dough.
Shares were down 7 cents at $68.27 Tuesday. The stock is up 12% this year.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com