Why General Mills Stock Is Trading Higher Today

Why General Mills Stock Is Trading Higher Today

General Mills Inc GIS shares are trading higher Wednesday after the company reported better-than-expected earnings results and raised its full-year outlook. 

General Mills said fiscal first-quarter revenue increased 4% year-over-year to $4.72 billion, which was in line with average analyst estimates, according to Benzinga Pro. The company reported quarterly earnings of $1.11 per share, which beat average analyst estimates of $1 per share.

Earnings were up 13% year-over-year while operating profits jumped 29%.

"Given the strength of our first-quarter results and confidence in our ability to adapt to continued volatility ahead, we are increasing our full-year outlook for net sales, operating profit, and EPS growth," said Jeff Harmening, chairman and CEO of General Mills.

General Mills now expects full-year 2023 organic net revenue to increase 6% to 7%, which is up from a previous guidance range of 4% to 5%.

General Mills also raised its full-year earnings expectations from a range of flat to 3% to a range of 2% to 5%.

See Also: Top Financial Media Stories Wednesday, September 21

GIS Price Action: General Mills has a 52-week high of $78.53 and a 52-week low of $61.67.

The stock was up 2.44% at $77.25 at time of publication.

Photo: Mike Mozart from Flickr.

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