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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;

Stock News for Smuckers J M (SJM)
05/24/201611:10:00J.M. Smucker Cuts Coffee Prices
05/24/201608:00:00The J. M. Smucker Company Announces Coffee Price Decreases
05/20/201614:13:00FDA Approves Controversial Changes to Nutrition Facts Panel--4th...
05/20/201612:09:00FDA Approves Controversial Changes to Nutrition Facts Panel--3rd...
05/19/201617:00:00The J. M. Smucker Company Announces Webcast of Fourth Quarter...
05/05/201618:43:13Statement of Changes in Beneficial Ownership (4)
05/02/201616:51:20Statement of Changes in Beneficial Ownership (4)
04/26/201608:13:00Smucker Partners with Seven Team USA Athletes for the Rio 2016...
04/22/201617:15:00The J. M. Smucker Company Declares Dividend And Announces Annual...
04/22/201617:02:59Current Report Filing (8-k)
04/18/201617:45:25Statement of Changes in Beneficial Ownership (4)
04/06/201616:15:00The J.M. Smucker Company Announces Retirement of Corporate Officer...
04/05/201617:23:35Statement of Changes in Beneficial Ownership (4)
04/05/201617:20:09Statement of Changes in Beneficial Ownership (4)
04/04/201617:01:03Current Report Filing (8-k)
04/01/201618:29:31Statement of Changes in Beneficial Ownership (4)
03/30/201618:15:35Statement of Changes in Beneficial Ownership (4)
03/24/201617:11:54Statement of Changes in Beneficial Ownership (4)
03/18/201616:52:56Statement of Changes in Beneficial Ownership (4)
03/08/201616:15:00The J.M. Smucker Company Announces Executive Appointments

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