General Mills (GIS) Beats On Q1 Earnings, Sales Down Y/Y
Zacks Investment Research | Sep 17, 2019 09:45PM ET
General Mills, Inc. (NYSE:GIS) released first-quarter fiscal 2020 results, which marks its sixth straight earnings beat. Moreover, the bottom line improved on a year-on-year basis. However, sales missed estimates and fell year on year. Most of the operating segments displayed sluggishness, which put pressure on the top line.
Highlights of the Release
The company’s adjusted earnings per share of 79 cents increased 13% year over year on a constant-currency (cc) basis. The bottom line beat the Zacks Consensus Estimate of 77 cents. The upside was fueled by reduced adjusted effective tax rate and net interest expenses as well as higher adjusted operating profit and non-service benefit plan income. These were somewhat offset by higher average shares outstanding.
Net sales of $4,002.5 million declined 2.2% year over year and missed the Zacks Consensus Estimate of $4,092 million. Except the Pet unit, sales in other segments were dismal.
General Mills, Inc. Price, Consensus and EPS Surprise
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