NEW YORK (TheStreet) -- Shares of General Mills, Inc. (GIS) are down 3.9% to $51.19 in early market trading Friday, after the packaged food maker updated its second quarter earnings guidance on Friday to a range of 75 cents to 77 cents per share for the period, lower than the 88 cents per share analysts are expecting.
General Mills also lowered its sales guidance for the year ending in May to a low single-digit growth rate, compared with its previous forecast for growth in the mid single-digits.
The company cited the continued weak food industry trends in the U.S., as well as slowing growth in key emerging markets.
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Separately, TheStreet Ratings team rates GENERAL MILLS INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL MILLS INC (GIS) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its notable return on equity, expanding profit margins and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."