General Mills Beats Q3 Earnings Expectations, Shares Rise

The food giant reported a slight sales decline but surpassed Wall Street's earnings forecasts, leading to a 3.6% increase in share price.

General Mills reported a third-quarter FY24 sales decline of 1% year-on-year to $5.099 billion, beating analyst estimates.
Adjusted earnings per share of $1.17 exceeded the consensus estimate of $1.05, driving shares up by 3.6%.
The company's operating margin expanded to 17.9%, with operating income increasing 25% to $910.7 million.
General Mills reaffirmed its FY24 outlook, anticipating organic sales growth of -1% to 0% and adjusted EPS growth of 4% to 5%.
Despite the overall sales decline, strategic focus on brand building and innovation contributed to improved volume and market share trends.