General Mills (GIS) is losing ground in early trading on Wednesday following the release of its quarterly results.
The stock is down $0.79, or 2 percent, to $37.36.
The company revealed a profit for the fourth quarter that edged up from last year, reflecting double-digit sales growth. However, the company issued a gloomy outlook due in part to rising grains prices.
The Minneapolis, Minnesota-based maker of Cheerios and Fiber One cereals reported net earnings of $325.4 million or $0.49 per share for the fourth quarter, slightly higher than $320.2 million or $0.48 per share in the prior-year quarter.
General Mills provided an adjusted earnings forecast of $2.65 per share for the year, with Street currently looking for $2.75 per share. The company also sees net sales growth for the year at a mid-single-digit rate.
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