Shipping costs squeeze General Mills

General Mills Inc. suffered the worst plunge since mid2015 after shipping costs and other expenses squeezed profit margins to their thinnest point in years. The maker of Cheerios cereal and Progresso soup cut its full-year outlook for earnings per share, excluding some items, to flat to up 1 percent. It had previously forecast a gain of at least 3 percent, based on the currency staying constant. Freight costs neared a 20-year high in February, General Mills said. General Mills is the latest company to cite higher shipping costs as a major head wind in 2018, joining Hershey Co., Tyson Foods Inc., Kellogg Co. and others. Higher fuel costs and a trucker shortage have driven up expenses across industries. Amazon.com, the e-commerce titan, has been raising fees on some of its suppliers in a bid to protect margins, while Walmart has said that higher prices to move goods has weighed on margins. —