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GIS

General Mills

$61.54

-1.65 (-2.61%)

08:04
02/17/17
02/17
08:04
02/17/17
08:04

General Mills cuts sales, earnings outlook for FY17

General Mills said that in response to revised second-half growth expectations driven largely by recent sales performance on U.S. yogurt and soup, the company is reducing its sales and earnings outlook for the fiscal year ending May 2017. The company expects to deliver an adjusted operating profit margin of at least 18% in fiscal 2017, which represents an increase of at least 120 basis points over fiscal 2016 levels. General Mills fiscal 2017 organic net sales are now expected to decline approximately 4%. This represents the low end of the previous range of a 3%-4% decline, due primarily to a widening gap between the company's level of promotional activity and that of competitors in the U.S. yogurt and soup categories. Total segment operating profit growth in constant currency is expected to range from down 1% to up 1%, largely reflecting lower sales but also including incremental spending planned for the fourth quarter to strengthen key business lines. The company remains on track to deliver $380M in cost-of-goods savings from Holistic Margin Management and $500M in savings from its incremental efficiency and cost savings initiatives, including global supply chain and organizational restructuring as well as the implementation of zero-based budgeting. Fiscal 2017 adjusted diluted earnings per share are expected to increase 5%-7% in constant currency. The adjusted effective tax rate is now expected to be 29%. The company expects free cash flow to increase at a mid single-digit rate. Previously, General Mills had been targeting total segment operating profit growth of 2%-4% in constant currency, 150 basis points of improvement in adjusted operating profit margin, adjusted diluted EPS growth of 6%-8% in constant currency, an adjusted effective tax rate of approximately 29.8%, and high single-digit growth in free cash flow. FY17 EPS, revenue consensus are $3.08, $15.69B, respectively.

  • 20

    Feb

GIS General Mills
$61.54

-1.65 (-2.61%)

12/15/16
12/15/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Valeant (VRX) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst David Risinger saying the thesis that management would stabilize the business and execute asset sales has been wrong. 2. General Mills (GIS) downgraded to Sector Perform from Outperform at RBC Capital with analyst David Palmer saying he believes that accelerating U.S. volume declines which occurred over the last three months will limit the company's EPS growth. 3. Toyota (TM) downgraded to Neutral from Outperform at Macquarie. 4. Zimmer Biomet (ZBH) downgraded to Sell from Neutral at UBS with analyst Matt Miksic citing a survey of 139 U.S. orthopedic surgeons, which he said shows evidence of the share gain potential of Stryker's (SYK) MAKO in the U.S. total knee market. 5. Brinker (EAT) downgraded to Underperform from Market Perform at BMO Capital with analyst Andrew Strelzik citing valuation and the company's relatively weak margin outlook. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/11/17
SBSH
01/11/17
UPGRADE
Target $88
SBSH
Neutral
Kraft Heinz upgraded to Neutral from Sell at Citi
Citi analyst David Driscoll upgraded Kraft Heinz (KHC) to Neutral citing his belief that the company is "gearing up for" for a large accretive transaction in 2017. The analyst believes, however, that such an announcement is reflected in the current valuation. Driscoll favors General Mills (GIS) or Kellogg (K) as targets for Kraft. He raised his price target for the shares to $88 from $81.
02/15/17
DBAB
02/15/17
INITIATION
Target $61
DBAB
Hold
General Mills initiated with a Hold at Deutsche Bank
Deutsche Bank analyst Rob Dickerson started General Mills with a Hold rating and $61 price target.
02/15/17
02/15/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Kraft Heinz (KHC) and ConAgra Brands (CAG) were initiated with Buy ratings at Deutsche Bank. The firm also initiated Campbell Soup (CPB), J.M. Smucker (SJM) General Mills (GIS), Hershey (HSY), Kellogg (K) and Mondelez (MDLZ) with a Hold, as well as Pinnacle Foods (PF), Hostess Brands (TWNK) and Snyder's Lance (LNCE) with a Buy. 2. MasterCard (MA) and Visa (V) initiated with Buy ratings at Loop Capital by analyst Joseph Vafi. 3. Bioverativ (BIVV) initiated with an Outperform rating and $56 price target at Leerink by analyst Jason Gerberry. 4. Encana (ECA) initiated with an Overweight at JPMorgan. The firm also reinstated Cheniere Energy (LNG) and Cheniere Energy Partners LP (CQH) with Overweight ratings. 5. Blueprint Medicines (BPMC) initiated with an Overweight at Morgan Stanley by analyst Andrew Berens. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here

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KMX

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$NYE

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AKS

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