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Earnings Analysis: 
American Greetings, General Mills Fall
Author: 123jump.com Staff
123jump.com
Last Update: 7:05 PM EDT June 25 2008


General Mills fourth quarter sales rose 13% to $3.47 billion and earnings dropped 17.4% to $185 million. Monsanto Company third quaarter sales rose 26% and net income increased 42% to $811 million and company raised earnings guidance by a fraction. AaeroViroment, Inc stock rose after it reported earnings rose to $21.4 million. American Greetings dropped 14% after its earnings plunged 56%.

 
[R]7:00PM New York - General Mills and Monsanto fell after reporting earnings. AeroVironment and Darden Restaurant rose.[/R]

General Mills, Inc, the food and breakfast cereal maker reported fourth quarter sales increased 13% to $3.47 billion from $3.06 billion a year ago. Net income in the quarter decreased 17.35% to $185.2 million or 53 cents per diluted share compared to net income of $224.1 million or 62 cents per share, a year ago.

For the fiscal year ended May 25, 2008, General Mills net sales grew 10% to $13.7 billion. Net earnings grew 13% to $1.3 billion including non-cash net gains from mark-to-market valuation of certain commodity positions and a favorable ruling related to a tax contingency.

Diluted earnings per share totaled $3.71 including $0.19 from the commodity and tax items. Excluding these items, earnings per share would have totaled $3.52 for the year, up 11% from reported earnings of $3.18 per share a year ago.

General Mills, Inc (GIS: chart) in the last one year traded as high as $63.91 in June 2008 and as low as $51.00 in January 2008. Based on the yesterday’s closing price the company has a market cap of $20.91 billion. In today’s trading General Mills stock closed down $1.21 to $61.19.

Monsanto Company, a provider of agricultural products for farmers reported third quarter sales increased 26% to $3.6 billion from $2.8 billion a year ago. Net income in the quarter increased 42% to $811 million or $1.45 per diluted share compared to net income of $570 million or $1.03 per share, a year ago.

Monsanto Company (MON: chart) in the last one year traded as high as $145.80 in June 2008 and as low as $58.50 in August 2007. Based on the yesterday’s closing price the company has a market cap of $74.52 billion. In today’s trading Monsanto stock closed down $4.27 to $131.52.

3Com Corporation, the network equipment maker said fourth quarter revenues rose 3% to $321.3 million from $310.9 million a year ago. Net loss in the quarter was $166.7 million or 41 cents per diluted share compared to net loss of $66.2 million or 17 cents per share, a year ago. For the year, 3Com''s loss widened to $228.8 million from $88.6 million. Revenue rose 2% to $1.29 billion from $1.27 billion.

3Com Corporation (COMS: chart) in the last one year traded as high as $5.11 in September 2007 and as low as $1.76 in March 2008. Based on the yesterday’s closing price the company has a market cap of $955.54 million. In today’s trading 3Com stock rose 1 cent to close at $2.38.

AeroVironment, Inc, which makes small unmanned aircraft for military said fourth quarter revenues rose 27% to $64.3 million from $50.7 million a year ago. Net income in the quarter rose 15% to $6.4 million or 30 cents per diluted share compared to net income of $5.6 million or 27 cents per share, a year ago.

For the full year 2008 the company earned $21.4 million, or $1 per share, compared with $20.7 million, or $1.22 per share, in 2007. Revenue increased to $215.7 million from $173.7 million.

AeroVironment, Inc (AVAV: chart) stock in the last one year traded as high as $26.93 in May 2008 and as low as $17.97 in August 2007. Based on the yesterday’s closing price the company has a market cap of $503.45 million. AeroViroment stock rose $3.69 to close at $28.64.

Apogee Enterprises, Inc a provider of glass products for the architectural and picture framing industries said first quarter revenues rose 14% to $238.5 million from $209.8 million a year ago. Net income in the quarter declined 13% to $10.2 million or 36 cents per diluted share compared to net income of $11.6 million or 40 cents per share, a year ago.

Apogee Enterprises, Inc (APOG: chart) in the last one year traded as high as $30.30 in July 2007 and as low as $14.08 in March 2008. Based on the yesterday’s closing price the company has a market cap of $640.83 million. Apogee stock fell $3.85 to $18.31.

Darden Restaurants, Inc, Casual dining chain operator said fourth quarter revenues jumped 25% to $1.83 billion from $1.46 billion a year ago. Net income in the quarter was $101.8 million or 71 cents per diluted share compared to net loss of $55.1 million or 38 cents per share, a year ago.

Sales also grew at Longhorn Steakhouse, largely due to revenue from 24 new restaurants. U.S. same-store sales grew 5.8% at the Olive Garden during the quarter but fell at both Red Lobster and Longhorn Steakhouse.

For the year, net income climbed 87% to $377.2 million, or $2.60 per share, from $201.4 million, or $1.35 per share last year. Revenue rose 19% to $6.63 billion from $5.57 billion in 2007.

Darden Restaurants, Inc (DRI: chart) in the last one year traded as high as $45.83 in July 2007 and as low as $20.89 in January 2008. Based on the yesterday’s closing price the company has a market cap of $4.43 billion. Darden stock rose $2.16 to close at $33.76.

FSI International, Inc, a manufacturer of capital equipment for the microelectronics industry said third quarter sales decreased 24.13% to $20.3 million from $25.2 million a year ago. Net loss in the quarter was $1.4 million or 5 cents per diluted share compared to net loss of $5.6 million or 19 cents per share, a year ago.

FSI International, Inc (FSII: chart) in the last one year traded as high as $3.41 in June 2007 and as low as $1.08 in June 2008. Based on the yesterday’s closing price the company has a market cap of $41.85 million. FSI stock fell 15 cents to close at $1.21.
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