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General Mills Sees Downbeat 3Q, Cuts Fiscal Year Target On Volume Woes

DOW JONES NEWSWIRES General Mills Inc. (GIS) forecast a fiscal third-quarter profit below expectations, warning that weak volume in the U.S. will hamper its profitability for the period. Food makers across the industry have seen volume come under pressure as budget-conscious consumers push back against price increases enacted to help offset rising commodity costs. Shares were off 4.5% to $38 in premarket trade as the company predicted a per-share profit of 54 cents to 56 cents, short of the 60 cents currently expected by analysts polled by Thomson Reuters. General Mills, whose brands includes Cheerios breakfast cereal and Progresso soups, also cut its full-year profit guidance to $2.53 to $2.55 a share, below the $2.59 to $2.61 per-share profit it had expected. Earlier Friday, H.J. Heinz Co. (HNZ) reported volume in North America declined 2% in its latest quarter as the company raised prices on its Ore-Ida frozen potatoes, Classico pasta sauces and namesake ketchup. Raising prices also caught up to J.M. Smucker Co. (SJM). The company earlier this week reported volumes fell a surprising 10% in its latest quarter as consumers experienced sticker shock on higher prices for Folgers coffee and other items. General Mills in December reported its fiscal second-quarter earnings fell 28% as higher costs continued to outpace the food giant's sales growth. The company expects to report fiscal third-quarter results on March 21. -By Mia Lamar, Dow Jones Newswires; 212-416-3207; mia.lamar@dowjones.com

Stock News for Smuckers J M (SJM)
DateTimeHeadline
07/17/201409:38:23U.S. Hot Stocks: Hot Stocks to Watch
06/02/201409:12:07MARKET SNAPSHOT: Volume, VIX And Yields Are Stock Market's Bogeymen
02/14/201409:25:35Smucker Cuts Year Guidance
02/09/201408:16:39MARKET SNAPSHOT: Stocks Stabilize; Now It's Up To Yellen, The...
11/15/201307:11:09AQR Capital Management 3Q 13F: Largest Purchases -2-
11/15/201307:11:09AQR Capital Management 3Q 13F: Largest Purchases
11/15/201307:11:08AQR Capital Management 3Q 13F: Holdings As Of Sep 30
11/15/201307:11:08AQR Capital Management 3Q 13F: Holdings As Of Sep -2-
08/21/201309:11:50U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH
08/21/201308:20:08J.M. Smucker 1st-Quarter Net Up 14%; Acquires Enray
06/06/201316:44:32MARKET SNAPSHOT: U.S. Stocks Rebound After Choppy Session
06/06/201315:23:16MARKET SNAPSHOT: U.S. Stocks Fluctuate Wildly As Job Report Looms
06/06/201314:36:28MARKET SNAPSHOT: U.S. Stocks Edge Lower As Japanese Yen Jumps
05/31/201316:30:16WEEK AHEAD: More Retailers to Report; Jobs Report on Friday
05/03/201313:11:39Kraft Cuts Gevalia Coffee Price 6% Due to Lower Costs
04/12/201308:29:44Starbucks Lowers Price of Coffee Sold in Grocery Stores
02/22/201312:47:00Kraft Cuts U.S. Coffee Prices by 6%, Following J.M. Smucker
02/15/201312:50:05Campbell, Smuckers Sales Rise; Kraft Struggles
02/15/201312:43:17Campbell, Smuckers Sales Rise; Kraft Struggles After Spinoff
02/08/201316:40:23WEEK AHEAD: McGraw-Hill, Consumer-Foods Companies to Report Results

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