General Mills (NYSE:GIS) earnings for the first quarter of fiscal year 2021 have GIS stock slightly lower on Wednesday. This comes despite reporting adjusted earnings per share (EPS) of $1, which beat analysts’ estimate of 87 cents for the quarter. Additionally, revenue of $4.36 billion crushed past analysts’ estimate of $4.21 billion.
Investors should also note that the company reported basic earnings per share of $1.03.
Here’s what else is worth mentioning from the most recent General Mills earnings report.
- Adjusted EPS is 27% better than 87 cents from the same period of the year prior.
- Revenue for the quarter comes in 9% higher than the $4 billion during the fiscal first quarter of 2020.
- Operating income of $853.7 million is 29% better year-over-year than the $662.4 million last year.
- The General Mills earnings report also includes a net income of $638.9 million.
- That’s 23% better than the $520.6 million reported during the same time last year.
- The company also announced that it is increasing its annual dividend by 4% to 51 cents.
Jeff Harmening, chairman and CEO of General Mills, said this about the GIS stock earnings:
“We continued to drive exceptional results this quarter, highlighted by broad-based market share gains amid elevated at-home food demand due to the COVID-19 pandemic. The fundamentals of our business are strong. We’re investing in our brands, executing with speed and agility, and maintaining our focus on the health and safety of our employees and our consumers. And, importantly, we’re resuming dividend growth sooner than initially planned. I’m more confident than ever that General Mills is poised to emerge from the pandemic a stronger company and in a position to generate consistent, profitable growth and top-tier returns for our shareholders.”
The General Mills earnings report doesn’t provide guidance for FY2021 due to the continuing effects of the novel coronavirus. Nonetheless, we know what Wall Street is estimating. Analysts are calling for adjusted EPS of $3.54 on revenue of $17.17 billion.
GIS stock was down less than 1% as of Wednesday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick is a web editor at InvestorPlace.