General Mills (GIS) is out with fiscal 2016 second quarter results and revenue took a hit from the strong dollar. The Cheerios maker's sales of $4.4 billion fell short of Wall Street's estimates of $4.6 billion. Revenue fell 6.1 percent year-over-year, with FX headwinds taking a toll on sales to the tune of 4 percentage points. Profits rose amid cost cuts. Next, General Mills brought investors up to speed with its cost savings plan, unveiled last year, known as 'Project Century.' It now expects $450 million in savings by fiscal 2017 and $500 million in fiscal 2018. And finally – guidance: The company says sales should slump at a rate in the low-single digits and expects currency fluctuations to reduce earnings per share in 2016 by nine cents. TheStreet’s Scott Gamm reports from New York.
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