: General Mills profit falls but beats target as stock rises
General Mills Inc. GIS stock rose 0.7% in premarket trades on Thursday after the food company beat Wall Street analyst estimates for third-quarter revenue and adjusted profit. General Mills said its third-quarter profit fell 16% to $553.1 million, or 92 cents a share, from the year-ago level of $660.3 million, or $1.08 a share. Adjusted profit of 97 cents a share beat the Wall Street estimate of 92 cents a share, according to data compiled by FactSet. Revenue increased by 13% to $5.13 billion, ahead of the analyst view of $4.97 billion. Looking ahead, General Mills said its now expects 2023 organic net sales growth of 10% to 11%, compared to its previous expectation for about 10% growth. “General Mills continues to expect the largest factors impacting its performance in fiscal 2023 will be the economic health of consumers, the inflationary cost environment, and the frequency and severity of disruptions in the supply chain,” the company said.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.