Packaged-food companies already are struggling to respond to a shift in consumer preferences toward healthier, simpler foods. Now they also have to contend with higher input prices.
General Mills shares were down by more than 9% Wednesday morning after the company lowered operating-profit guidance for its full fiscal year ending in May. The maker of Cheerios cereal, Yoplait yogurt and Progresso soups now forecasts adjusted earnings-per-share growth of zero to 1% for the period, down from its earlier guidance of 3% to 4%...