General Mills Inc shares fell 1.5% in pre-conference trading, as the food company announced second-quarter earnings that were lower than expected.
Net income was $ 597.2 million, or 97 cents a share, down from $ 688.4 million, or $ 1.11, a year earlier.
Adjusted earnings per share of 99 cents were lower than estimated at $ 1.05. Sales of $ 5.024 billion were higher than the $ 4.719 billion last year and estimated at $ 4.839 billion.
General Mils said operating profit fell 13 percent to $ 800 million due to inflation and supply chain problems.
General Mills now expects net organic sales for the full year to increase 4% -5%, compared to previous estimates of a 1% -3% decline.
Convergent estimates put sales at $ 18.291 billion, suggesting 0.9% year-on-year growth.
.
Source From: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
