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General Mills, the Golden Valley-based food company, said Monday that its full-year financial results beat estimates, citing a "good operating performance and a lower fourth-quarter tax rate."
The full results won't be fully announced until July 1, but the news gave a 4 percent lift to General Mills stock. Shares rose $2.09 to close Monday at $54.25.
Food-industry stocks long have been a defensive favorite in a tough economy, since everyone has to eat. But at General Mills, home to brands such as Cheerios and Yoplait yogurt, shares fell to a three-year low after disappointing results earlier this spring.
Now the sentiment has shifted again, as General Mills said in a statement it would exceed its $3.89-a-share earnings target "by several cents." The company further said it was comfortable with analysts' consensus of $4.15 a share in 2010, as compiled by Thomson Reuters.
General Mills said retail sales and foreign sales were up 10 percent through the first three quarters. Among the recession favorites were classics: Cheerios, Gold Medal Flour, Bisquick and Betty Crocker cake mixes.
With the forecast, two investment firms raised their price target on General Mills. Barclays Capital raised its target to $59 a share, and BMO Capital Markets raised its target to $63 a share.
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