General Mills Reports Fiscal First-Quarter Earnings

General Mills (ticker: GIS) has reported its fiscal first-quarter earnings and sales, slightly surpassing analysts' estimates. The company's CEO, Jeff Harmening, expressed confidence in their performance amidst an ever-changing external environment.

Earnings and Sales

General Mills posted adjusted earnings of $1.09 per share for the first quarter, a slight decline from the $1.11 recorded in the same quarter last year. However, it surpassed Wall Street's expectations of $1.08 per share.

The net sales for General Mills reached $4.9 billion, exceeding analysts' projections of $4.88 billion, as reported by FactSet. The company's portfolio includes popular brands such as Cheerios, Betty Crocker, and Yoplait yogurt.

Future Outlook

CEO Jeff Harmening emphasized that General Mills is focused on continuous growth, both in terms of revenue and profit margins. The company reaffirmed its fiscal 2024 guidance, which anticipates a 4% to 6% increase in adjusted operating profit and adjusted earnings in constant currency and a 3% to 4% rise in organic net sales.

Market Response

Shares of General Mills demonstrated positive momentum in premarket trading, with a 1.2% gain to $66.69. However, it is important to note that the stock has experienced a 21% decrease in value so far this year.