General Mills Sees Lower Q1 Constant-currency Adj. EPS

(RTTNews) - General Mills (GIS) said that it expects constant-currency adjusted earnings per share for the first quarter to be below last year's levels that grew 36 percent.

It projects organic net sales growth in the first quarter ended August 28, 2016 will be below its full-year guidance range.

The company reaffirmed its key financial targets for the fiscal year ending May 28, 2017. These targets include organic net sales growth between flat and down 2 percent; total segment operating profit growth between 6 and 8 percent in constant currency; 150 basis points of adjusted operating profit margin expansion; and adjusted earnings per share growth between 6 and 8 percent in constant currency.

The 2017 first quarter results will be reported on September 21, 2016.