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General Mills 4Q hits mark
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June 27, 2001: 9:38 a.m. ET
Largest U.S. cereal maker also sees strong earnings growth in 2002
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NEW YORK (CNNfn) - Cereal maker General Mills Inc. Wednesday reported improved earnings that matched Wall Street expectations for its fiscal fourth quarter and said its earnings in fiscal 2002 could surpass analysts' expectations.
The largest U.S. cereal maker earned $122 million, or 42 cents a diluted share, for the period ended May 27, excluding one-time items, compared with $108.9 million, or 37 cents a share, a year earlier. Analysts surveyed by earnings tracker First Call expected the company to earn 42 cents a share.
For the full year 2001, General Mills earned $2.20 a share excluding one-time items, compared with $2.00 in 2000. Analysts expected the company to earn $2.19 a share in 2001, according to First Call.
Chief financial officer James Lawrence said in a conference call the company expects double-digit earnings-per-share (EPS) growth for 2002, while analysts polled by First Call expected EPS to fall to $1.19 for the full year of 2002.
General Mills also said it expects fiscal first-quarter 2002 earnings-per-share growth "in the high single digits." Analysts surveyed by First Call expect the company to earn 48 cents a share in the first quarter, which is usually the company's most difficult in terms of sales growth.
The Minneapolis-based company, whose products include Cheerios and Wheaties cereals, also said it expects to complete its purchase of Pillsbury Co. from Diageo PLC during its fiscal first quarter.
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Sales rose 7 percent to $1.81 billion from $1.69 billion in the fourth quarter, fueled by new products such as Harmony cereal for women, Wheaties Energy Crunch cereal, Milk 'n Cereal Bars and increased marketing spending.
Shares of General Mills (GIS: up $0.30 to $42.60, Research, Estimates) rose slightly in early trading Wednesday. 
- from staff and wire reports
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General Mills
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