General Mills (NYSE:GIS) earnings for the consumer food company’s fiscal second quarter of 2020 have GIS stock up on Wednesday. This is due to it beating out Wall Street’s adjusted EPS estimate of 88 cents with its own 95 cents per share. Revenue of $4.42 billion is below analysts’ estimates of $4.43 billion but wasn’t dragging GIS stock down today.
Here are some more highlights from the most recent General Mills earnings report.
- Adjusted per-share earnings are up 11.77% from 85 cents in fiscal Q2 2019.
- Revenue is largely unchanged from the $4.41 billion reported during the same time last year.
- Operating income of $811.20 million is 48.30% higher YoY than $547.00 million.
- The General Mills earnings report also includes a net income of $580.40 million.
- That’s a 69.02% increase over the company’s net income of $343.40 million from the same period of the year prior.
Jeff Harmening, Chairman and CEO of General Mills, says this about the GIS stock earnings.
“I’m encouraged by our second-quarter performance, including the broad-based improvement in our organic sales trends and positive results on the bottom line. We will build on our topline momentum in the second half, fueled by increased investment in our brands.”
The General Mills earnings report has the company reaffirming its outlook for fiscal 2020. That includes its adjusted earnings per share growth of 3% to 5% as organic revenue increases by 1% to 2%. Something new is that GIS now expects free cash flow conversion of at least 105% of adjusted after-tax earnings.
GIS stock was up 1.43% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.