Before Wednesday’s opening bell, General Mills (GIS ) reported lower results for its third quarter, but still beat analysts’ expectations.
GIS’s Earnings in Brief
- GIS reported net income of $343.2 million, or 56 cents per share, down from $410.6 million, or 64 cents per share, last year.
- Excluding special items, EPS was 70 cents – above analysts’ estimate of 67 cents per share.
- Revenue declined 1% to $4.35 billion from $4.38 billion. Analysts expected to see revenue of $4.35 billion.
- Looking forward, GIS expects to FY2015 adjusted earnings to grow at a low-single-digit rate. Analysts expect to see EPS of $2.82.
General Mills Chairman and Chief Executive Officer Ken Powell commented: “Our third-quarter results reflect strengthened operating performance. Our U.S. Retail segment posted net sales and profit growth including contributions from the Annie’s business acquired in October 2014. Constant-currency net sales and profit growth accelerated for our International segment. And the Convenience Stores and Foodservice segment led our operating results, with sales up 6 percent and profit up 11 percent.”
General Mills will pay its next 44 cent dividend on May 1. The stock is going ex-dividend on April 8.
Shares of GIS were up 47 cents, or 0.90% during premarket trading Wednesday. The stock is down 2.4% YTD.
The Bottom Line
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