General Mills Fink Quarter 1 Profit and Revenue Beat Forecasts

General Mills Fink Quarter 1 Profit and Revenue Beat Forecasts

Profit and revenue of General Mills in the first quarter surpasses forecasts

One of the largest food manufacturers in the US is General Mills Inc (NYSE: GIS). – increased profit in the 1st financial quarter, ended August 30, to $ 638.9 million, or $ 1.03 per share, from $ 520.6 million, or 85 cents per share, for the same period last year.

According to General Mills, adjusted earnings for the quarter were $ 1 per share. Analysts surveyed by Fact Set had an average forecast of 87 cents.

Quarterly revenue increased to $ 4.36 billion from $ 4 billion against analysts' forecast of $ 4.22 billion.

The revenue of the division specializing in the sale of food products to retailers in the US and Canada jumped 14% to $ 2.71 billion. its revenue fell 12% to $ 392 million amid people staying at home due to the coronavirus pandemic.

General Mills announced a quarterly dividend of 51 cents per share, up 4% from the previous quarter.

The company said demand for home-cooked food in the current quarter is expected to remain higher than it was before the pandemic, but did not provide a full fiscal year forecast due to COVID-19 uncertainty.

General Mills shares lost 0.5% in trading on Wednesday. Since the beginning of the year, the company's capitalization has grown by 7.7% to $ 35.4 billion.

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