MINNEAPOLIS (AP) — General Mills Inc. on Wednesday reaffirmed its full-year forecast but says its first-quarter profit may fall.
The Minneapolis-based food company said it expects its first-quarter profit should meet the company's expectations, but will fall in comparison to last year. It did not provide further details on the period but will report its full results on Sept. 13.
In the first quarter ended August 2011, the company, whose brands include Cheerios, Betty Crocker and Hamburger Helper, earned $405.6 million, or 61 cents per share. Excluding one-time items, adjusted income totaled 64 cents per share.
General Mills said it stands by its 2013 fiscal-year forecast, which includes earning $2.65 per share for the year. Analysts were expecting the company to earn $2.66 per share for the year and 63 cents per share for the first quarter, according to a survey by FactSet.
Shares fell 34 cents to close the day at $38.99.
