General Mills (NYSE:GIS) Says it Cut Around 850 Jobs, Plans To Lower Costs- GIS, GMCR, SLE, UN, CAG
Food maker General Mills, Inc. (NYSE:GIS) reported on Tuesday that it will reduced around 850 jobs as part of a plan to cut costs and increase efficiency.
The Minneapolis-based manufacturer of Cheerios cereal, Nature Valley granola bars and Hamburger Helper disclosed the moves will make it extra effective and permit it to focus on key development strategies.
General Mills reported that it anticipated the plan to result in total pretax accuses of around $109 million, which will wrap costs associated to workers whose jobs are ended and equipment.
General Mills reported that it still anticipates to post an adjusted fiscal 2012 profit of $2.53 to $2.55 a share. Analysts anticipate a profit of $2.54 a share.
Turing toward the financial Analysis, General Mills, Inc. (NYSE:GIS) stock in current session held volume of 1.81 million shares as evaluate with its average volume of 3.53 million shares. The stock after opening at $38.55 hit high price of $38.61 and then traded at $38.59 by scoring 0.08%.
The GIS past twelve months price to sales ratio was 1.54 and price to cash ratio remained 51.42. As far as the returns are concern, the GIS return on equity was recorded as 24.43% and increased 9.62% return on investment while its return on asset stayed at 7.42%.
The stock showed weekly upbeat performance of -1.56% which was maintained for the month at -1.00%. Likewise the positive performance for the quarter was recorded as 1.61% and for the year was -0.16% while the YTD performance remained at -3.14%.
Industrial overview; Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR) rose +4.11%, Sara Lee Corp. (NYSE:SLE) grew +0.77%, Unilever N.V. (NYSE:UN) moved down -1.02% and ConAgra Foods, Inc. (NYSE:CAG) surged 0.44%