Business Services Industry
Commodity Prices, Fierce Competition to Take Bite Out of General Mills Profits.
Knight Ridder/Tribune Business News, December, 2003
By Lee Egerstrom, Saint Paul Pioneer Press, Minn. Knight Ridder/Tribune Business News
Dec. 18--The food industry squeeze between higher commodity prices and fierce competition for market share will reduce General Mills Inc.'s earnings in the second half of this year, the company said Wednesday.
That projection came despite a 12 percent increase in earnings during a strong second quarter.
General Mills executives were in New York on Wednesday to brief analysts on their lower earnings guidance and to release their quarterly results. Share prices fell $1.73 per share to $45.35 in late trading, or 3.7 percent in value, following the afternoon announcement. The past quarter, however, was on target for the Golden Valley food company. Net...
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