General Mills Rises After Missing On Top & Bottom Lines

Shares of General Mills GIS are trading higher by 0.5 percent to $51 on Wednesday after reporting third quarter earnings, despite missing on both the top and bottom line. The company reaffirmed full-year guidance. General Mills reported third quarter earnings per share of $0.62 versus the analyst estimate of $0.68 and revenue of $4.38 billion versus $4.46 billion estimate. Ken Powell, Chief Executive Officer of General Mills blames “severe weather,” which “dampened sales performance across the food industry, and third-quarter results for U.S. Retail and Convenience Stores and Foodservice segments reflect that disruption.” Today's surprising action in the stock even caught Jim Cramer's attention:

$GIS now above the preannouncement. People love this company..

— Jim Cramer (@jimcramer) March 19, 2014

Shares of General Mills have been range bound between $47 and $52 the past nine months.