General Mills shares remain in focus for investors as the company raised its FY outlook

General Mills Inc. (NYSE: GIS) said on Wednesday that its earnings in the fiscal third quarter fell shy of what analysts had anticipated. The company, however, reported better than expected sales in Q3.  

General Mills shares that you can learn to buy online here opened at £42.47 in the stock market on Wednesday and remained almost flat on average in the morning session. The stock had slid more than 4% in premarket trading. General Mills had started the year 2021 at a per-share price of £43.03.

General Mills’ Q3 financial results versus analysts’ estimates

General Mills said that its net income in the third quarter printed at £434.29 million that translates to 69.99 pence per share. In the same quarter last year, its net income was capped at a lower £331.05 million, or 53.95 pence per share.

On an adjusted basis, the American multinational earned 59.78 pence per share in the recent quarter. General Mills valued its sales in the third quarter at £3.30 billion versus the year-ago figure of £3.05 billion.

According to FactSet, experts had forecast the company to report £3.25 billion of sales in Q3. Their estimate for adjusted per-share earnings stood at a higher 61.24 pence. The Minneapolis-based company’s financial update comes only a day after it said it will sell its stake in Yoplait European operations.

The U.S. manufacturer also expressed plans of resuming its stock repurchase programme. As per General Mills, it now expects a 3.5% year over year growth in its organic net sales this year. In comparison, experts are calling for a 1.2% annualised increase instead.

Chief Executive Jeff Harmening’s comments on Wednesday

CEO Jeff Harmening commented on the earnings report on Wednesday and said:

“We’ve made good progress on our fiscal 2021 priorities, including competing effectively, fuelling investment in our brands and capabilities, and reducing our leverage. Looking ahead, we remain focused on strengthening our momentum and emerging from the pandemic a stronger company, even better positioned to drive long-term shareholder value.”

In the prior quarter (Q2), General Mills had registered £505.59 million of net income, as per the report published in mid-December.

General Mills performed fairly upbeat in the stock market last year with an annual gain of more than 10%. At the time of writing, the marketer of branded consumer foods is valued at £25.87 billion and has a price to earnings ratio of 14.89.

The post General Mills’ earnings fall shy of the analysts’ estimates in fiscal Q3 appeared first on Invezz.



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