General Mills (GIS) Posts Stronger Q3 Sales, But Input Costs Hurt Bottom Line
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Price: $69.09 +0.85%
Revenue Growth %: -2.4%
Financial Fact:
Restructuring, impairment, and other exit costs: 58.9M
Today's EPS Names:
ESCA, LICT, NKSH, More
Revenue Growth %: -2.4%
Financial Fact:
Restructuring, impairment, and other exit costs: 58.9M
Today's EPS Names:
ESCA, LICT, NKSH, More
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General Mills (NYSE: GIS) is trading slightly lower Wednesday morning following the release of its third-quarter 2012 results.
Net sales for General Mills rose about 13 percent to $4.12 billion, from $3.65 billion reported in the same period last year. Amid stronger sales, net income fell slightly to $391.5 million, or 58 cents per share. Excluding certain one-time items and EPS thinned to 55 cents per share.
Overall, the Street was expecting revs of $4.08 billion and EPS of 56 cents.
U.S. Retail sales rose 4 percent while International sales increased 51 percent, inclusive of the Yoplait acquisition. Bakeries & Foodservice Segment saw a 6 percent pop in revs.
"Our third-quarter results reflect strong worldwide sales growth for our business, but the 10-11 percent input cost inflation we’re experiencing this year pressured our margins," commented CEO Ken Powell. "In the fourth quarter, we expect to generate continued good sales momentum and we anticipate that gross margin contraction will ease somewhat."
General Mills reaffirmed its fiscal 2012 outlook.
Shares are off about 0.7 percent early Wednesday.
Net sales for General Mills rose about 13 percent to $4.12 billion, from $3.65 billion reported in the same period last year. Amid stronger sales, net income fell slightly to $391.5 million, or 58 cents per share. Excluding certain one-time items and EPS thinned to 55 cents per share.
Overall, the Street was expecting revs of $4.08 billion and EPS of 56 cents.
U.S. Retail sales rose 4 percent while International sales increased 51 percent, inclusive of the Yoplait acquisition. Bakeries & Foodservice Segment saw a 6 percent pop in revs.
"Our third-quarter results reflect strong worldwide sales growth for our business, but the 10-11 percent input cost inflation we’re experiencing this year pressured our margins," commented CEO Ken Powell. "In the fourth quarter, we expect to generate continued good sales momentum and we anticipate that gross margin contraction will ease somewhat."
General Mills reaffirmed its fiscal 2012 outlook.
Shares are off about 0.7 percent early Wednesday.
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