General Mills: better-than-expected quarterly results

(CercleFinance.com) - General Mills reported better-than-expected quarterly results on Wednesday, mainly thanks to higher prices, an announcement that sent its share price up over 4% on Wall Street this morning.


The Minneapolis, Minnesota-based group, owner of the Géant Vert, Häagen-Dazs, Nature Valley and Old El Paso brands, reported net earnings of $670.1m for the three months to the end of February, i.e. Q3, compared with $553.1m a year ago.

EPS came to $1.17, eight cents higher than the consensus of $1.09. The company's sales were up by more than 4% on the same date.

Group sales, however, fell by 1% in Q3, to $5.1bn, although above the consensus of $5bn.

For FY 2023/2024, the group still expects negative organic growth of -1% to 0%, with an expected increase of 4% to 5% at constant exchange rates in both adjusted EPS and operating income.

At around 9:45 a.m. (New York time), the food group's share price was up over 4%, bringing its year-to-date gains to 7%, compared with an 8.5% rise for the S&P 500 over this period.

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