Why General Mills Shares Are Sliding Today
Portfolio Pulse from Shivani Kumaresan
General Mills Inc (NYSE:GIS) reported Q4 FY23 sales growth of 3% YoY to $5.03 billion, missing the analyst consensus of $5.17 billion. Adjusted EPS of $1.12 topped the consensus of $1.07. The company held $585.5 million in cash and equivalents and the board increased the quarterly dividend by 9% to $0.59 per share. However, shares are trading lower by 4.02% at $77.65 in premarket trading.
June 28, 2023 | 11:43 am
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General Mills reported Q4 FY23 sales growth of 3% YoY, missing the analyst consensus. Despite this, the adjusted EPS topped the consensus and the quarterly dividend was increased by 9%. However, shares are trading lower in premarket trading.
Despite reporting an increase in sales growth and topping the consensus for adjusted EPS, General Mills missed the analyst consensus for sales growth. This, combined with the fact that the company's shares are trading lower in premarket trading, suggests a negative short-term impact on the company's stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100