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MarketScreener Homepage  >  Equities  >  Nyse  >  General Mills, Inc.    GIS

GENERAL MILLS, INC.

(GIS)
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General Mills Beats Expectations as Consumers Eat at Home During Pandemic

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07/01/2020 | 08:04am EDT

By Micah Maidenberg

 

General Mills Inc. beat Wall Street forecasts for sales and profit for its fiscal fourth quarter as consumers stocked up on its food amid coronavirus-related lockdowns.

The producer of Cheerios cereal, Häagen-Dazs ice cream, Nature Valley granola bars and other products reported Wednesday $5.02 billion in sales for the quarter that ended May 31, up from $4.16 billion a year earlier and ahead of the $4.99 billion that analysts predicted.

Comparable sales rose 16% in the quarter.

The Minneapolis-based company reported a profit of $625.7 million, or $1.02 a share, up from $570.2 million, or 94 cents a share, for the comparable quarter a year earlier.

The company's adjusted profit of $1.10 a share was four cents higher than what analysts predicted for that metric, according to FactSet.

In the U.S. and Canada, General Mills reported significant growth across several product lines, including refrigerated baked goods, soups and flour. Sales jumped 75% for its meals and baking business in the U.S. and 26% for cereals in the market.

Comparable sales for the North America business increased 28%, the company said, and totaled $3.2 billion.

"The company expects consumer concerns about Covid-19 virus transmission and the recession to drive elevated demand for food at home, relative to pre-pandemic levels," General Mills said.

 

Write to Micah Maidenberg at micah.maidenberg@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 0.96% 314.5 End-of-day quote.-19.66%
GENERAL MILLS, INC. 1.48% 63.06 Delayed Quote.17.74%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 -0.76% 491.25 End-of-day quote.-11.41%
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Financials (USD)
Sales 2021 17 161 M - -
Net income 2021 2 131 M - -
Net Debt 2021 11 185 M - -
P/E ratio 2021 18,1x
Yield 2021 3,18%
Capitalization 38 524 M 38 524 M -
EV / Sales 2021 2,90x
EV / Sales 2022 2,82x
Nbr of Employees 35 000
Free-Float 80,7%
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Technical analysis trends GENERAL MILLS, INC.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 20
Average target price 63,33 $
Last Close Price 63,06 $
Spread / Highest target 12,6%
Spread / Average Target 0,43%
Spread / Lowest Target -19,1%
EPS Revisions
Managers
NameTitle
Jeffrey L. Harmening Chairman & Chief Executive Officer
Kofi A. Bruce Chief Financial Officer
Jodi J. Benson Chief Innovation, Technology & Quality Officer
Jaime Montemayor Chief Technology & Digital Officer
Stephen A. Odland Independent Director
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