General Mills (GIS) revenue impacted by FX headwinds, misses consensus estimate

General Mills forecasts dour profit as price hikes impact demand

June 28, 2023 7:19 AM EDT

By Savyata Mishra

(Reuters) -General Mills on Wednesday forecast full-year profit largely below analysts' estimates as price hikes to counter inflation dent demand for its ready-to-eat cereals and meal kits.

Shares of the Cheerios cereal maker fell as much as 5.7% to a more than four-month low after General Mills also missed net sales estimate for the fourth quarter ended May and reported a dip in volumes across its segments.

Packaged-food peers, including Kellogg,... More

General Mills (GIS) Raises Quarterly Dividend 9.3% to $0.59; 2.9% Yield

June 28, 2023 7:04 AM EDT

General Mills (NYSE: GIS) declared a quarterly dividend of $0.59 per share, or $2.36 annualized. This is a 9.3% increase from the prior dividend of $0.54.

The dividend will be payable on August 1, 2023, to stockholders of record on July 10, 2023, with an ex-dividend date of July 7,... More

General Mills (GIS) Tops Q4 EPS by 5c, Revenue Misses Consensus

June 28, 2023 7:01 AM EDT

General Mills (NYSE: GIS) reported Q4 EPS of $1.12, $0.05 better than the analyst estimate of $1.07. Revenue for the quarter came in at $5 billion versus the consensus estimate of $5.17 billion.

General Mills expects the largest factors impacting its performance in fiscal 2024 will be the economic health of consumers, the moderating rate of input cost inflation, and the increasing stability of the supply chain environment. The company expects... More

Futures slip, central bankers, Nvidia hit by China curbs - what's moving markets

June 28, 2023 6:57 AM EDT

Investing.com Futures slip lower despite optimism over the U.S. economy as investors await commentary from central bankers. Oil prices push higher, while shares in Nvidia look set to lead declines in tech stocks after a report that Washington could restrict exports of artificial intelligence chips to China.

1. Futures slip lower

U.S. futures were broadly lower on Wednesday, as data pointing to strength in the U.S. economy was offset by caution ahead of an appearance by Federal Reserve Chair Jerome Powell later in the day which could provide cues on the... More