General Mills, Inc. (GIS) Stock Slips on Q2 Earnings Miss, Lowered Outlook

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General Mills, Inc. (NYSE:GIS) stock was down on Tuesday following the release of its earnings report for its fiscal second quarter of 2017.

General Mills, Inc., GIS stockGeneral Mills, Inc. reported earnings per share of 85 cents for its fiscal second quarter of 2017. This is a 5% increase over the earnings per share of 82 cents from the same time in fiscal 2016. Wall Street was looking for earnings per share of 86 cents during the fiscal second quarter of the year.

Revenue reported by General Mills, Inc. for its fiscal second quarter of 2017 was $4.11 billion. This is down from the revenue of $4.42 billion that the company reported during the fiscal second quarter of the year prior. Analysts were expecting revenue of $4.23 billion for the quarter.

General Mills, Inc. reported operating profit of $768.9 million in its fiscal second quarter of 2016. The company reported operating profit of $905.7 million during the same time last year.

General Mills, Inc. also updated its outlook for the full year of fiscal 2017. The company now expects organic net sales growth to decline by 3% to 4% for the year. This is a drop from its previous guidance that had organic net sales growth ranging from flat to a 2% decline.

General Mills, Inc. is also expecting constant-currency total segment operating profit to be up from 2% to 4% in fiscal 2017. This is lower than the company’s previous guidance for the fiscal year, which had constant-currency total segment operating profit increasing by 6% to 8%.

GIS stock was down 3% as of Tuesday afternoon, but is up 5% year-to-date.

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Article printed from InvestorPlace Media, https://investorplace.com/2016/12/general-mills-inc-gis-stock/.

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