General Mills (GIS) 2021 Q3 Earnings Report

General Mills Inc. (NYSE:GIS) traces its roots back to 1866 when Cadwallader Washburn started a flour mill in Minneapolis, Minnesota. However, the company was officially incorporated in 1928 as a result of the merger of five milling firms. Over the years, it stepped into new territories, adding snacks, toys, and packages foods to its portfolio. Today, General Mills is a leading player in the packaged food market.

The company recently reported mixed financial results for the third quarter. It reported earnings of 96 cents per share for the three months ended February 28, up from 74 cents per share in the comparable quarter of 2020. Excluding items, it reported an adjusted profit of 82 cents per share that missed the consensus forecast of 84 cents per share.

Revenue for the quarter came in at $4.520 billion, as compared to $4.180 billion in the year-ago quarter. Analysts on average were expecting General Mills to report revenue of $4.454 billion.

Speaking on the quarterly performance, CEO Jeff Harmening said in a statement, “We’ve made good progress on our fiscal 2021 priorities, including competing effectively, fueling investment in our brands and capabilities, and reducing our leverage. With our balance sheet in a strong position, we have resumed share repurchase activity in the fourth quarter. We’re continuing to advance our Accelerate strategy, including yesterday’s announcement of our proposed divestiture of our European Yoplait business. Looking ahead, we remain focused on strengthening our momentum and emerging from the pandemic a stronger company, even better positioned to drive long-term shareholder value.”

Looking forward, the packaged food giant is anticipating net sales growth of around 3.5 percent for the full year, higher than the surge of 1.2 percent estimated by analysts.

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