Investing.com -- General Mills Inc. (NYSE: GIS) reported third-quarter results that fell short of Wall Street expectations, with adjusted earnings per share of $0.64 missing the analyst consensus of $0.73 by $0.09. Revenue of $4.4 billion was essentially in line with estimates of $4.41 billion but declined 8% YoY. Shares fell 1.2% following the announcement

The company reaffirmed its full-year fiscal 2026 guidance, projecting organic net sales to decline 1.5% to 2%, with adjusted operating profit and adjusted diluted EPS both expected to fall 16% to 20% in constant currency.

"We’re reaffirming our fiscal 2026 guidance today, as our focus on executing our Remarkability playbook continued to deliver stronger competitiveness for our brands in the third quarter," said CEO Jeff Harmening. He noted that investments, divestitures, and unfavorable timing comparisons drove declines through the first three quarters as expected, while volume and market share improved.

Organic net sales declined 3% in the quarter, driven by lower organic pound volume and unfavorable organic net price realization and mix. The North America Retail segment saw organic net sales down 4%, though the company held or gained pound share in seven of its top 10 U.S. categories. Adjusted operating profit of $547 million fell 32% in constant currency, pressured by lower volume and higher input costs.

The company expects a significant sequential improvement in the fourth quarter, driven by favorable timing comparisons, the benefit of a 53rd week, and continued market share momentum.