Why Pillsbury Maker General Mills Shares Are Shooting Higher Today
Portfolio Pulse from Shivani Kumaresan
General Mills, Inc. (NYSE:GIS) shares rose after reporting Q3 FY24 sales of $5.099 billion, surpassing analyst estimates of $4.962 billion. Despite a 1% sales decline, the company saw organic net sales decrease by 1% but grow 7% on a 2-year compound basis. Adjusted EPS of $1.17 exceeded expectations of $1.05. Gross and operating margins expanded, and the company reaffirmed its FY24 outlook for organic sales growth of -1% to 0% and adjusted EPS growth of 4% to 5% in constant currency.
March 20, 2024 | 1:40 pm
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POSITIVE IMPACT
General Mills reported higher than expected Q3 FY24 sales and adjusted EPS, leading to a 3.6% increase in stock price. The company also reaffirmed its FY24 outlook.
General Mills' positive earnings report and the beat on both top and bottom lines indicate strong operational performance, which typically leads to investor confidence and a short-term increase in stock price. The reaffirmation of the FY24 outlook further supports the positive sentiment, suggesting stability and continued growth potential.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100