General Mills, Inc. (GIS)

[fuzzy]

13 am General Mills beats by $0.10, misses on revs; reaffirms FY16 outlook but raises FX headwind (GIS) :

•Reports Q1 (Aug) earnings of $0.79 per share, excluding non-recurring items, $0.10 better than the Capital IQ Consensus Estimate of $0.69; revenues fell 1.4% year/year to $4.21 bln vs the $4.25 bln consensus, FX reduced net sales growth by 5 percentage points.
•On a constant-currency basis, net sales grew 4 percent, including 2 points of growth contributed by the Annie's business acquired in Oct 2014. Pound volume was 2 percent above year-ago levels.
•Net price realization and mix contributed 2 points of net sales growth. Adjusted gross margin increased 290 basis points due to improved net price realization and savings from cost-reduction initiatives.
•General Mills reiterated its full-year growth targets for 2016, which current General Mills reiterated its full-year growth targets for 2016, which currently exclude any impact from the proposed Green Giant divestiture: