General Mills (GIS) Tops Q2 EPS by 4c; Raises Outlook

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Go back to General Mills (GIS) Tops Q2 EPS by 4c; Raises Outlook

General Mills (GIS) slides despite topping consensus estimates

December 20, 2022 11:44 AM EST

General Mills (NYSE: GIS) shares fell Tuesday, currently down more than 4% after it reported its fiscal second quarter results, topping analyst expectations.

The food producer posted earnings of $1.10 per share, $0.04 better than the analyst estimate of $1.06, while revenue for the quarter came in at $5.2 billion versus the consensus estimate of $5.18 billion.

The company's net sales increased 4% to $5.2 billion, including a 5-point headwind from net divestiture and acquisition activity and 1 point of unfavorable foreign currency exchange. Gross margin rose by 20 basis points to 32.7% of net sales, driven by favorable net price... More