General Mills Q2 adj. EPS 85 cents; FactSet consensus 81 cents

1 BUSINESS

Business News - Opportunities - Reviews

 

 

General Mills stocks jumps after profit beat, but sales comes up shy

Shares of General Mills Inc. jumped 3.5% in premarket trade Wednesday, after the parent of Cheerios, Haagen-Dazs and Yoplait branded consumer foods reported a fiscal second-quarter profit that beat expectations, although sales came up a bit shy. Net earnings for the quarter to Nov. 25 fell to $343.4 million, or 57 cents a share, fro $443.8 million, or 74 cents a share, in the same period a year ago, as lower operating profit and higher net interest expenses were partially offset by a lower tax rate. Excluding non-recurring items, adjusted earnings per share came to 85 cents, above the FactSet consensus of 81 cents. Sales increased 5.1% to $4.41 billion, below the FactSet consensus of $4.51 billion. North America retail segment sales fell 3% to $2.68 billion, missing the FactSet consensus of $2.73 billion, and convenience stores and foodservice sales were flat at $514 million, compared with expectations of $519 million. The stock has tumbled 38% year to date through Tuesday, while the SPDR Consumer Staples Select Sector ETF has shed 7.5% and the S&P 500 has declined 4.8%.

1 BUSINESS

Business News - Opportunities - Reviews

 

 

Leave a Reply