General Mills Earnings: Here’s Why the Stock is Up Now
General Mills Inc. (NYSE:GIS) delivered a profit and met Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 1%.
General Mills Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 6.06% to $0.70 in the quarter versus EPS of $0.66 in the year-earlier quarter.
Revenue: Rose 7.94% to $4.37 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: General Mills Inc. reported adjusted EPS income of $0.70 per share. By that measure, the company met the mean analyst estimate of $0.70. It beat the average revenue estimate of $4.29 billion.
Quoting Management: Chairman and Chief Executive Officer Ken Powell said: “In particular, our net sales growth in the quarter reflects a healthy mix of gains from established brands, strong introductory shipments for new products, and contributions from new businesses added to our portfolio. These first-quarter results have us on track to achieve the key financial targets we’ve set for fiscal 2014.”
Key Stats (on next page)…
Revenue decreased 0.86% from $4.41 billion in the previous quarter. EPS increased 32.08% from $0.53 in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.91 to a profit $0.90. For the current year, the average estimate has moved down from a profit of $2.93 to a profit of $2.92 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)