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Sept. 18, 2019, 7:14 a.m. EDT

General Mills stock falls after profit beat, but sales miss

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By Tomi Kilgore

Shares of General Mills Inc. /zigman2/quotes/206659526/composite GIS -0.12% was knocked 3.9% lower in premarket trading Wednesday, after the branded consumer foods company reported a fiscal first-quarter profit that beat expectations but revenue that missed. Net income for the quarter to Aug. 25 rose to $520.6 million, or 85 cents a share, from $392.3 million, or 65 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share increased to 79 cents from 71 cents, above the FactSet consensus of 77 cents. Sales fell 2.2% to $4.00 billion, below the FactSet consensus of $4.08 billion. North American retail segment sales were flat at $2.38 billion, topping the FactSet consensus of $2.37 billion; pet sales rose 7% to $368 million, beating expectations of $364.3 million; and convenience stores and foodservice sales fell 4% to $445 million, well below expectations of $471.9 million. Sales in the company's Europe and Australia and Asia and Latin America segments also fell more than forecast. The company affirmed its full-year organic net sales growth outlook of 1% to 2%. The stock has run up 41.3% year to date through Tuesday, while the SPDR Consumer Staples Select Sector ETF /zigman2/quotes/200697959/composite XLP +0.35% has climbed 19.7% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.0073% has hiked up 19.9%.

/zigman2/quotes/206659526/composite
US : U.S.: NYSE
$ 51.60
-0.06 -0.12%
Volume: 4.41M
Dec. 13, 2019 6:30p
P/E Ratio
16.66
Dividend Yield
3.80%
Market Cap
$31.19 billion
Rev. per Employee
$414,842
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/zigman2/quotes/200697959/composite
US : U.S.: NYSE Arca
$ 62.78
+0.22 +0.35%
Volume: 10.16M
Dec. 13, 2019 8:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,168.80
+0.23 +0.0073%
Volume: 1.96B
Dec. 13, 2019 5:14p
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