GENERAL MILLS INC. $55 (New York symbol GIS; Conservative Growth Portfolio, Consumer sector; Shares outstanding: 329 million; Market cap: $18.1 billion; Price-to-sales ratio: 1.3; WSSF Rating: Above Average) is the second-largest maker of breakfast cereals in the United States after Kellogg. Its main brands include Cheerios, Wheaties and Total. The company also makes Betty Crocker baking mixes, Green Giant canned and frozen vegetables and Yoplait yogurt.
General Mills will probably report earnings of $3.92 a share in its latest fiscal year, which ended May 31, 2009. That’s slightly higher than its previous forecast of $3.87 to $3.89. These figures exclude unusual items, mainly gains and losses on hedging contracts that General Mills uses to lock in prices for wheat, corn and other raw materials.
The company raised its selling prices last year in order to offset higher prices for these raw materials. Since then, these costs have stabilized; this was the main reason behind the higher earnings forecast. It also expects a lower income-tax rate in the fourth quarter of fiscal 2009.
General Mills will now focus other ways to improve sales. These include making healthier versions of its foods, such as low-sodium soups and gluten-free cereals for people who can’t digest wheat.
The company’s $5.8-billion long-term debt is a moderate 30% of its market cap. It also holds cash of $937.3 million, or $2.85 a share. That gives it lots of room to expand or make acquisitions.
General Mills’2010 earnings will probably rise to $4.15 a share, and the stock trades at just 13.3 times that figure. The $1.72 dividend yields 3.1%.
General Mills is a buy.
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