General Mills, Inc. GIS reported fourth-quarter earnings of 83 cents per share, which beat the analyst consensus estimate of 76 cents. This is a 5.06% increase over earnings of 79 cents per share from the same period last year.
The company reported quarterly sales of $4.16 billion, which missed the analyst consensus estimate of $4.25 billion by 2.12%. This is a 6.94% increase over sales of $3.89 billion the same period last year.
Organic net sales are expected to increase 1-2% in fiscal 2020.
"I'm pleased to say that we executed well, successfully transitioned Blue Buffalo into our portfolio, and delivered our financial commitments in fiscal 2019," said General Mills Chairman and CEO Jeff Harmening. "We'll look to improve our performance again in fiscal 2020, and we have plans in place to accelerate our organic sales growth while maintaining our strong margins and cash discipline."
General Mills shares traded down 5.5% at $50.76 in Wednesday's pre-market session.
Related Links:
Street Warms To General Mills After Q3 Beat
Deutsche Bank Upgrades General Mills, Says Blue Buffalo Acquisition Underappreciated
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