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General Mills (GIS) came out with quarterly earnings of $1.01 per share, beating the Zacks Consensus Estimate of $0.99 per share. This compares to earnings of $1.12 per share a year ago.
U.S. stock futures were mixed this morning, with the Nasdaq futures gaining around 0.2% on Wednesday.
General Mills Inc.'s stock GIS, -1.19% fell 3.6% in early trade Wednesday, after the consumer-foods company's fiscal fourth-quarter revenue fell short of estimates and it offered soft guidance. The parent of food brands including Cheerios, Häagen-Dazs and Betty Crocker, had net income of $558 million, or 98 cents a share, for the quarter to May 26, down from $615 million, or $1.03 a share, in the year-earlier period.
Cheerios cereal maker General Mills posted a bigger-than-expected drop in quarterly sales on Wednesday, as cash-strapped consumers cut back on its higher-margin products and turned to cheaper alternatives.
MINNEAPOLIS--(BUSINESS WIRE)--General Mills, Inc. (NYSE: GIS) today reported results for the fourth quarter and fiscal year ended May 26, 2024. “We delivered on our updated guidance in fiscal 2024 by pivoting our plans and enhancing our efficiency in response to a more challenging operating environment,” said General Mills Chairman and Chief Executive Officer Jeff Harmening. “We drove improved volume performance in the second half of the year and generated industry-leading levels of Holistic Ma.
The maker of Wheaties, Cheerios and other packaged foods, is set to report earnings for the May-ended fourth fiscal quarter early Wednesday.
CNBC's Jim Cramer guided investors through this week's most important Wall Street action, highlighting earnings reports from Micron, Walgreens and General Mills. He also noted that Monday was tough for Big Tech, but expressed continued faith in the success of the megacaps in that sector.
Key Economic Data to Deluge Market This week.
General Mills' (GIS) Q4 results are likely to reflect gains from the Accelerate strategy amid soft Pet unit sales and cost inflation.
General Mills has been around for more than 150 years and it about to report FY2024 results. General Mills has coped through many difficult environments and seems to be gaining once again strength as it exits a tough 2023. One of the most interesting aspects of the company is its predictability, making forecasts easier to do and offering investors a rather clear outlook about its long-term path.