General Mills (NYSE:GIS) earnings for the food company’s fiscal fourth quarter of 2020 have GIS stock down on Wednesday. That’s despite it reporting adjusted earnings per share of $1.10, which beats out Wall Street’s estimate of $1.06. Its revenue of $5.02 billion also comes in above analysts’ estimates of $4.96 billion.
Let’s take a more in-depth look at the most recent General Mills earnings report below.
- Adjusted per-share earnings are up 33% from 83 cents during the same time last year.
- Revenue for the quarter comes in 21% higher than the $4.16 billion reported in fiscal Q4 2019.
- Operating income of $829.5 million is a 16% increase year-over-year from $716.1 million.
- The General Mills earnings report also has it bringing in a net income of $625.7 million.
- That’s a 10% jump compared to its net income of $570.2 million from the same period of the year prior.
Jeff Harmening, chairman and CEO of General Mills, said this in the earnings report.
“Amid significant challenge and change in the world around us, General Mills adapted and executed in fiscal 2020 to deliver outstanding financial results while fulfilling our purpose of making food the world loves. We’ve demonstrated extraordinary agility to meet the unprecedented increase in demand for food at home and to win across our categories.”
General Mills isn’t providing an outlook for fiscal 2021 at this time. It attributes this decision to the effects of the novel coronavirus on the economy. Many other companies are doing the same during the pandemic.
GIS stock was down 2% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.