GENERAL MILLS INC. $72 (New York symbol GIS; Conservative Growth Portfolio, Consumer sector; Shares outstanding: 329.5 million; Market cap: $23.7 billion; Price-to-sales ratio: 1.6; Dividend yield: 2.7%; WSSF Rating: Above Average) is the second-largest maker of breakfast cereals in the U.S., after Kellogg. The company’s major brands include Cheerios, Wheaties and Total. General Mills also makes Betty Crocker baking mixes, Green Giant canned and frozen vegetables, and Yoplait yogurt.
In its second quarter, which ended November 29, 2009, General Mills earned $565.5 million. That’s up 49.5% from $378.2 million a year earlier. Earnings per share rose 52.3%, to $1.66 from $1.09, on fewer shares outstanding. Without unusual items, such as gains on commodity-hedging contracts, earnings per share would have risen 13.2%, to $1.54 from $1.36.
Even though General Mills cut the prices of certain products, its sales rose 1.7%, to $4.1 billion from $4.0 billion.
The company gets 20% of its sales from overseas markets, and the lower U.S. dollar accounted for more than half of this increase. The company also spent 37% more on advertising during the quarter. That helped it compete with generic food brands.
General Mills should earn $4.59 a share in fiscal 2010. The stock trades at 15.7 times that estimate.
General Mills is a buy.
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