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.