General Mills falls after downbeat annual profit forecast

Shares of Cheerios maker General Mills GIS.N fall as much as 4% to a more than five-year low of $51.27

Company forecast annual profit below expectations due to weak demand for its refrigerated baked goods and snacks in the U.S.

GIS expects full-year adjusted profit to decline in the range of 10%-15%, compared to analysts' estimates of a 4.8% decline, as per data compiled by LSEG

Q4 sales of $4.56 billion, narrowly misses estimates of $4.59 billion

However, adjusted profit of 74 cents per share beat expectations of 71 cents

Up to Tuesday's close, stock had fallen nearly 16% so far this year