General Mills earnings for the company’s fiscal fourth quarter of 2019 has GIS stock down on Wednesday.
General Mills (NYSE:GIS) starts off its earnings report for its fiscal fourth quarter of the year with earnings per share of 83 cents. This is an increase over the company’s earnings per share of 79 cents from the same time last year. It was also better than Wall Street’s earnings per share estimate of 77 cents for the quarter, but couldn’t stop GIS stock from falling today.
Net income reported in the General Mills earnings release for its fiscal fourth quarter of 2019 comes in at $570.20 million This is better than the company’s net income of $354.40 million reported in its fiscal fourth quarter of 2018.
The General Mills earnings report for its fiscal fourth quarter of the year also includes operating income of $716.10 million. That’s up from the consumer food company’s operating income of $423.90 million from the same period of the year prior.
General Mills earnings for its fiscal fourth quarter of 2019 has revenue coming in at $4.16 billion. This is an improvement over the company’s revenue of $3.89 billion reported in its fiscal fourth quarter of the previous year. However, it was a blow to GIS stock by missing analysts’ revenue estimate of $4.24 billion for the period.
General Mills also notes that it is expecting its earnings per share for the fiscal full year of 2020 to be up by 3% to 5% from fiscal 2019. This would have its earnings per share for the year ranging from about $3.32 to $3.38. Wall Street is looking for earnings per share of $3.31 for the fiscal year.
GIS stock was down 4% as of noon Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.