GIS Stock Pops as General Mills Raises Full-Year Guidance

  • General Mills (GIS) stock is rising after upping its full-year guidance.
  • The company also beat out earnings per share (EPS) estimates for Q1.
  • Revenue for the period matched analysts’ estimates.
A General Mills (GIS Stock) sign on a General Mills office in Ontario, Canada.

Source: JHVEPhoto / Shutterstock.com

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.

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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.


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