General Mills (NYSE:GIS) stock is getting a boost on Wednesday after the food company increased its full-year guidance for fiscal 2023.
That updated guidance has General Mills now expecting adjusted earnings per share (EPS) growth for the fiscal year to range from 2% to 5%. Previously, the company was expecting growth to be flat or up 3%.
When looking at adjusted operating profit, however, General Mills is now expecting growth to be flat or up 3%. That’s better than its previous guidance of between a 2% drop and 1% growth.
Finally, General Mills is looking for organic net sales growth for the fiscal year to range from 6% to 7%. That’s another improvement over its prior guidance of between 4% and 5% growth.
Fiscal Q1 Earnings Are Also Helping GIS Stock
The company’s latest earnings report also has it bringing in adjusted earnings per share (EPS) of $1.11. That’s better than the $1 per share Wall Street had expected. It’s also a 12% increase compared to the same period the year prior.
General Mills’ revenue of $4.72 billion is another positive for the company. This matches what analysts were expecting for the quarter. It also represents a 4% increase from the same time last year.
Today’s earnings news has GIS stock seeing strong trading. As of this writing, some 3.3 million shares are on the move. That’s quickly approaching the company’s daily average trading volume of about 3.7 million shares.
GIS stock is up 6.4% as of Wednesday morning.
There’s more recent stock market news traders will want to know about below!
We’ve got all of the hottest stock market news worth know about on Wednesday! Among that is what has shares of Stitch Fix (NASDAQ:SFIX) and Cassava Sciences (NASDAQ:SAVA) shares moving, as well as the biggest pre-market stock movers today. You can find all of that news at the following links!
More Wednesday Stock Market News
- Stitch Fix (SFIX) Stock Sinks Following Disappointing Earnings
- What Is Going on With Cassava (SAVA) Stock Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
