(CercleFinance.com) – General Mills on Wednesday published quarterly sales below Wall Street’s expectations and revealed prospects considered disappointing for its new fiscal year.
The American agri-food group reported this morning a net turnover down 6% to $4.70 billion, including an organic decrease of 6%, for the fourth quarter of its staggered financial year.
For comparison, analysts expected quarterly sales of $4.85 billion.
Its operating profit fell 5% to $779 million, giving a profit of $1.01 on an adjusted basis, compared with a consensus of 99 cents in the same period last year.
The owner of the Häagen-Dazs and Yoplait brands, whose priority is to revive its growth, declared that it was targeting stable organic growth, or even a slight increase of 1%, for its new financial year 2024/2025, which started at the end of May.
Its earnings per share (EPS) are expected to range from a decline of 1% to an increase of 1% at constant exchange rates over the entire financial year.
The group based in Minneapolis (Minnesota) also announced a 2% increase to $0.60 in the amount of its quarterly dividend.
All these announcements were freshly received on Wall Street on Wednesday morning, since the stock suffered losses of more than 4% in pre-market quotes.
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