Latest news with #JeffHarmening
Axios
10-07-2025
- Business
- Axios
Minnesota's "headquarters economy" rings the NYSE bell
Minnesota's clout as a corporate headquarters mecca was on display Thursday as leaders from more than 20 companies helped ring the New York Stock Exchange bell from the Medtronic headquarters. By the numbers: The Twin Cities is home to 17 Fortune 500 companies, which is more per capita than any other U.S. metro and in the top 10 globally, according to Medtronic CEO Geoff Martha. What they're saying: Several of Minnesota's top CEOs stressed the importance of the state's history of a well-educated workforce as a primary reason for its status as a "headquarters economy." "Minnesota's commitment to education created a pipeline of talent — of engineers, of marketers, of scientists, of data analysts, of designers (and) of health professionals — who didn't have to leave their hometown to pursue their careers," General Mills CEO Jeff Harmening said during the event. On the topic of maintaining the Twin Cities' economic strength, U.S. Bank CEO Gunjan Kedia warned that taxes and regulations have "drained large companies" from other headquarters economies. Between the lines: Not mentioned during the event were President Trump's tariffs, which have battered some of the state's largest companies, namely Best Buy (-13% stock price decline year-to-date) and Target (-21%).
CNBC
25-06-2025
- Business
- CNBC
General Mills forecasts weak annual profit as economic uncertainty weighs
General Mills forecast annual profit below expectations on Wednesday, as weak demand for its refrigerated baked goods and snacks in the U.S. in a tariff-driven, uncertain macroeconomic background weighed on the Pillsbury owner. Economic uncertainty arising from President Donald Trump's shifting tariff policies has weighed on consumer spending in the U.S., challenging General Mills' efforts to drum up sales. "We expect the operating environment will remain volatile, with consumers pressured by widespread uncertainty from tariffs, global conflicts, and changing regulations," CEO Jeff Harmening said. "Amid this uncertainty, we expect consumers to remain cautious and continue seeking value." Shares of the Cheerios-maker were down 2% in early trading. The company has been trying to boost demand through new products, such as a fresh version of its Blue Buffalo pet food, betting on a rise in demand for the minimally processed fresh pet food market. But analysts expect investments in marketing and acquisitions to take a toll on its margins. "While increased investments will pressure profitability, returning to volume growth, especially in North America Retail, is the first step to return to on-algorithm delivery, and might be a necessary pill to swallow," said Consumer Edge analyst Connor Rattigan. The company expects full-year adjusted profit to decline between 10% and 15%, compared to analysts' estimates of a 4.8% decline, according to data compiled by LSEG. For the fourth quarter ended May 25, General Mills posted sales of $4.56 billion, narrowly missing expectations of $4.59 billion. Net sales at its North America retail segment, a major revenue contributor, were down 10%, offsetting gains from a 12% rise in General Mills' pet segment sales in the region. The company, however, posted an adjusted profit per share of 74 cents for the reported quarter, above analysts' estimates of 71 cents.
Yahoo
25-06-2025
- Business
- Yahoo
General Mills Stock Slips as Cereal Maker Sees Larger-Than-Expected Profit Drop
General Mills shares fell in premarket trading Wednesday as the cereal maker projected a larger fiscal 2026 profit drop than analysts expected. Fiscal 2025 fourth-quarter sales fell just short of estimates, while profit topped them. CEO Jeff Harmening said the company's "number one goal in fiscal 2026 is to restore volume-driven organic sales growth."General Mills (GIS) shares fell in premarket trading Wednesday after the cereal maker's fiscal 2025 fourth-quarter sales fell short of estimates and it projected a bigger-than-expected profit decline for the new fiscal year. The maker of Lucky Charms, Betty Crocker, and Pillsbury reported $4.56 billion in Q4 sales, down 3% year-over-year and just below the $4.58 billion Visible Alpha consensus. Adjusted earnings per share (EPS) of $0.74 topped analysts' expected $0.71. North America Pet sales grew 12% and International sales rose 11%, but they fell 10% in its North America Retail and 2% in North America Foodservice. Last quarter, the company said it expected "macroeconomic uncertainty to continue to impact consumers" in the fourth quarter. For fiscal 2026, General Mills expects adjusted EPS down 10% to 15% from fiscal 2025's $4.21, with the entire ranging coming in below the $3.90 Visible Alpha expectation. Organic net sales are seen declining 1% to growing 1%, while analysts expect 0.1% growth. CEO Jeff Harmening said the company's "number one goal in fiscal 2026 is to restore volume-driven organic sales growth." General Mills shares, which entered Wednesday down about 16% since the start of the year, fell 4% less than an hour before the opening bell. Read the original article on Investopedia
CTV News
25-06-2025
- Business
- CTV News
General Mills forecasts weak annual profit as economic uncertainty weighs
In this Aug 8, 2018, file photo boxes of General Mills Cinnamon Toast Crunch cereal sit on display in a market in Pittsburgh. (AP Photo/Gene J. Puskar, File) General Mills forecast annual profit below expectations on Wednesday, as weak demand for its refrigerated baked goods and snacks in the U.S. in a tariff-driven, uncertain macroeconomic background weighed on the Pillsbury-owner. Economic uncertainty arising from U.S. President Donald Trump's shifting tariff policies has weighed on consumer spending in the U.S., challenging General Mills' efforts to drum up sales. The company has been trying to boost demand through new products, such as a fresh version of its Blue Buffalo pet food for dogs, but investments in marketing and acquisitions are seen taking a toll on its margins. 'We expect the operating environment will remain volatile, with consumers pressured by widespread uncertainty from tariffs, global conflicts, and changing regulations,' CEO Jeff Harmening said. 'Amid this uncertainty, we expect consumers to remain cautious and continue seeking value.' Shares of the Cheerios-maker were down nearly two per cent before the bell. The company expects full-year adjusted profit to be in the range of down ten per cent to down 15 per cent, compared to analysts' estimates of a 4.8 per cent decline, as per data compiled by LSEG. For the fourth quarter ended May 25, General Mills posted sales of US$4.56 billion, narrowly missing analysts' estimates of US$4.59 billion, as per data compiled by LSEG. Net sales at its North America retail segment, a major revenue contributor, were down ten per cent, offsetting gains from a 12 per cent rise in General Mills' pet segment sales in the region. The two segments had recorded declines of seven and eight per cent, respectively, a year ago. The company, however, posted an adjusted profit of 74 cents per share for the reported quarter, above analysts' estimate of 71 cents per share. --- Reporting by Neil J Kanatt in Bengaluru; Editing by Leroy Leo
Wall Street Journal
25-06-2025
- Business
- Wall Street Journal
General Mills Says Sales May Fall Amid Shifting Habits, Higher Costs
General Mills GIS -0.11%decrease; red down pointing triangle said organic sales could fall again in the current fiscal year as consumers continue to spend less on snacks, despite efforts to return to growth. The maker of Cinnamon Toast Crunch and Bisquick pancake mix on Wednesday said its top priority in fiscal 2026 is to restore volume-driven organic sales growth. 'To do that, we'll invest further in consumer value, product news, innovation and brand building,' Chief Executive Jeff Harmening said.
