March 21, 2018 / 11:24 AM / 4 months ago

BRIEF-General Mills Q3 Earnings Per Share $1.62

March 21 (Reuters) - General Mills Inc:

* GENERAL MILLS REPORTS FISCAL 2018 THIRD-QUARTER RESULTS

* Q3 EARNINGS PER SHARE $1.62

* Q3 EARNINGS PER SHARE VIEW $0.78 — THOMSON REUTERS I/B/E/S

* Q3 SALES $3.9 BILLION VERSUS I/B/E/S VIEW $3.78 BILLION

* ‍UPDATES FISCAL 2018 FULL-YEAR OUTLOOK TO REFLECT HIGHER SUPPLY CHAIN COSTS​

* ‍BLUE BUFFALO ACQUISITION REMAINS ON TRACK TO CLOSE IN Q4 OF FISCAL 2018​

* ‍THIRD-QUARTER NET SALES FOR CONVENIENCE STORES & FOODSERVICE SEGMENT INCREASED 3 PERCENT TO $460 MILLION​

* ‍”OUR THIRD-QUARTER OPERATING PROFIT FELL WELL SHORT OF OUR EXPECTATIONS, AND COST PRESSURES ARE IMPACTING OUR FULL-YEAR OUTLOOK”​

* QTRLY NET SALES FOR GENERAL MILLS’ NORTH AMERICA RETAIL SEGMENT TOTALED $2.52 BILLION, UP 1 PERCENT FROM PRIOR YEAR

* FULL-YEAR FISCAL 2018 ORGANIC NET SALES ARE EXPECTED TO BE IN LINE WITH LAST YEAR, WHICH IS UNCHANGED FROM PREVIOUS GUIDANCE​

* GENERAL MILLS - ‍”TAKEN ACTIONS TO IMPROVE PROFITABILITY IN NEAR TERM, AND WE’VE LAUNCHED INITIATIVES THAT WILL REDUCE OUR LONG-TERM COST STRUCTURE”​

* ‍CONTINUES TO ESTIMATE CURRENCY TRANSLATION WILL INCREASE REPORTED NET SALES BY APPROXIMATELY 1 PERCENTAGE POINT IN FISCAL 2018​

* ‍ CONSTANT-CURRENCY TOTAL SEGMENT OPERATING PROFIT IS NOW EXPECTED TO DECLINE 5 TO 6 PERCENT IN FISCAL 2018​

* ‍ CONTINUE TO ESTIMATE THAT TCJA WILL HAVE A 2 POINT FAVORABLE IMPACT ON FISCAL 2018 ADJUSTED EFFECTIVE TAX RATE​

* CO IS RESPONDING TO RISING COST PRESSURE WITH ACTIONS THAT TO LOWER COSTS AND IMPROVE PROFITABILITY IN SHORT AND MEDIUM TERM​

* ACTIONS INCLUDE, ‍INCREASINGLY TIGHT CONTROL OF ALL EXPENDITURES IN BALANCE OF FISCAL 2018​

* GENERAL MILLS - ‍ FISCAL 2018 CONSTANT-CURRENCY ADJUSTED DILUTED EPS NOW EXPECTED TO RANGE BETWEEN FLAT & UP 1 PERCENT FROM BASE OF $3.08 EARNED IN FISCAL 2017​

* ‍NOW ESTIMATES CURRENCY TRANSLATION WILL BE A 3 CENT BENEFIT TO FISCAL 2018 ADJUSTED DILUTED EPS​

* ACTIONS INCLUDE, ‍TARGETED STRATEGIC REVENUE MANAGEMENT ACTIONS TO IMPROVE NET PRICE REALIZATION​

* FY2018 EARNINGS PER SHARE VIEW $3.17, REVENUE VIEW $15.71 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:

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