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Share Name | Share Symbol | Market | Type |
---|---|---|---|
General Mills Inc | NYSE:GIS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.835 | -1.18% | 69.815 | 70.57 | 69.43 | 70.53 | 1,889,199 | 19:58:02 |
By Allison Prang
Sales rose in General Mills Inc.'s latest quarter despite a decline in its North American business, which brings in most of the food company's revenue.
General Mills said Tuesday that net sales rose 8.6% to $4.09 billion. Sales climbed in Europe and Australia and in Asia and Latin America as well as in the convenience stores and food-service division. Analysts polled by FactSet were expecting sales of $4.12 billion.
In North America, net sales were $2.39 billion, down 2.1% and below analysts' estimates.
The company said its U.S. snacks business saw a 4% drop in net sales while U.S. cereal net sales rose 1%. Net sales for U.S. yogurt fell 2% along with U.S. meals and baking.
General Mills said its pet-food division, which is still a new area for the company, reported sales of $343.4 million, up 14% on a pro forma basis. General Mills purchased Blue Buffalo earlier this year for $8 billion, which drove up its interest expense costs in its previous fiscal year.
Total organic net sales, which take out impacts from things like changes in foreign exchange rates, rose 0.5%, said Kelsey Roemhildt, spokeswoman for the company.
Total organic net sales, which take out impacts from things like changes in foreign-exchange rates, rose 0.5%, said Kelsey Roemhildt, spokeswoman for the company.
While General Mills reported top-line growth, profit declined as the company's net interest climbed by more than 80% from the comparable quarter a year ago.
The company reported earnings of $392.3 million, down 3.1% from the comparable quarter a year ago. It posted earnings per share of 65 cents, down from 69 cents. On an adjusted basis, the company reported earnings of 71 cents a share, above analysts' estimates of 64 cents.
Shares, down 19% year to date, fell 3.4% in premarket trading.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
September 18, 2018 09:03 ET (13:03 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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