{"id":63765,"date":"2023-09-20T23:50:39","date_gmt":"2023-09-21T03:50:39","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/general-mills-stock-rises-on-earnings-beat-as-inflation-moderates\/"},"modified":"2023-09-20T23:50:44","modified_gmt":"2023-09-21T03:50:44","slug":"general-mills-stock-rises-on-earnings-beat-as-inflation-moderates","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=63765","title":{"rendered":"General Mills Stock Rises on Earnings Beat as Inflation Moderates"},"content":{"rendered":"
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\n General Mills
\n reported fiscal first-quarter earnings and sales that slightly beat analysts\u2019 estimates and reiterated fiscal-year guidance. <\/p>\n

\n General Mills
\n (ticker: ticker GIS) on Wednesday posted adjusted earnings of $1.09 a share, falling from the $1.11 recorded in the year-ago quarter but inching past Wall Street\u2019s call for $1.08. <\/p>\n

\n

Net sales for the maker of Cheerios and other breakfast cereals, Betty Crocker, and Yoplait yogurt, were $4.9 billion, jumping from the year prior and higher than the $4.88 billion analysts expected, according to FactSet. Net sales in the company\u2019s North America retail, North America foodservice, and international segments rose in the quarter, while pet segment sales were flat. <\/p>\n

\u201cWe delivered growth on the top and bottom lines in the first quarter amid an evolving external environment characterized by moderating inflation, stabilizing supply chains, and a resilient but increasingly cautious consumer,\u201d said CEO Jeff Harmening in the earnings release. <\/p>\n

The company reaffirmed fiscal 2024 guidance that includes adjusted operating profit and adjusting earnings increasing 4% to 6% in constant currency and organic net sales rising 3% to 4%. <\/p>\n

\u201cGIS\u2019s results are a broad read-through to our packaged food players and give perspective into expectations for 2H\u2019CY23,\u201d wrote RBC Capital Markets analyst Nik Modi in a report. \u201cVolume recovery is proving to be difficult in North America and internationally, while pressure on consumers weighs on Pet, but mobility benefits Foodservice.\u201d Modi rates shares at Sector Perform with a price target of $78. <\/p>\n

Shares of General Mills were gaining 0.9% to $66.48 in premarket trading. Coming into Wednesday\u2019s session, the stock has fallen 21% this year.<\/p>\n

Write to Emily Dattilo at emily.dattilo@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

General Mills reported fiscal first-quarter earnings and sales that slightly beat analysts\u2019 estimates and reiterated fiscal-year guidance. General Mills (ticker: ticker GIS) on Wednesday posted adjusted earnings of $1.09 a share, falling from the $1.11 recorded in the year-ago quarter but inching past Wall Street\u2019s call for $1.08. Net sales for the maker of Cheerios […]<\/p>\n","protected":false},"author":1,"featured_media":63766,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-63765","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nGeneral Mills Stock Rises on Earnings Beat as Inflation Moderates | iFintechWorld<\/title>\n<meta name=\"description\" content=\"General Mills reported fiscal first-quarter earnings and sales that slightly beat analysts\u2019 estimates and reiterated fiscal-year guidance. 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