General Mills, Inc. (GIS)

[fuzzy]

General Mills beats by $0.04, misses on revs; guides FY16 EPS in-line (GIS) :

•Reports Q4 (May) earnings of $0.75 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.71; revenues rose 0.4% year/year (+6% ex-FX) to $4.3 bln vs the $4.53 bln consensus.
•Pound volume contributed 3 points of net sales growth, including incremental contributions from the Annie's organic foods business acquired in October 2014 and an extra week in this year's period.
•Net price realization and mix also contributed 3 points of growth. These factors were offset by a 6 point reduction in net sales from foreign currency exchange effects.
•Adjusted gross margin, which excludes mark-to-market effects and certain other items affecting comparability, increased 70 basis points due to net price realization
•On a constant-currency basis, General Mills fiscal 2016 net sales are expected to essentially match the 2015 levels that included a 53rd week.
•Total segment operating profit is expected to grow at a low single-digit rate in constant currency.
•Constant-currency adjusted diluted EPS is expected to grow at a mid single-digit rate from the base of $2.86 earned in fiscal 2015. At current exchange rates, the company estimates a 4-cent headwind to fiscal 2016 adjusted diluted EPS from currency translation.