General Mills beats quarterly sales estimates

Reuters

Published Sep 23, 2020 07:18AM ET

(Reuters) - General Mills Inc (N:GIS) beat quarterly sales estimates on Wednesday, as people stuck at home due to the COVID-19 pandemic stocked up on its baking products and cereals.

Net earnings attributable to General Mills rose to $638.9 million, or $1.03 per share, in the first quarter ended Aug. 30, from $520.6 million, or 85 cents per share, a year earlier.

Net sales climbed to $4.36 billion from about $4 billion, beating analysts' average estimate of $4.21 billion, according to IBES data from Refinitiv.