General Mills Reports Mixed Q1 Earnings

General Mills, Inc. (GIS) reported first-quarter earnings of 79 cents per share Wednesday, beating the analyst consensus estimate of 77 cents by 2.6%.

This is an 11.27% increase over earnings of 71 cents per share in the same period last year.

The company reported quarterly sales of $4.003 billion, missing the analyst consensus estimate of $4.08 billion by 1.89%. 

"Our first-quarter net sales performance included encouraging improvement in North America Retail and strong growth in Pet, driven by good innovation and effective brand-building investment,” General Mills Chairman CEO Jeff Harmening said in a statement.

“We got off to a slower start in our other segments, and we're taking actions to drive topline improvement for those segments and the company starting in the second-quarter.” 

General Mills shares were trading down by 1.87% at $54 in Wednesday’s pre-market session. The stock has a 52-week high of $64.02 and a 52-week low of $44.28.

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