Packaged foods company General Mills (NYSE:GIS) will be announcing earnings results tomorrow before market hours. Here’s what you need to know.
General Mills beat analysts’ revenue expectations by 1% last quarter, reporting revenues of $4.85 billion, down 1.2% year on year. It was a satisfactory quarter for the company, with a decent beat of analysts’ organic revenue estimates but a slight miss of analysts’ gross margin estimates.
Is General Mills a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting General Mills’s revenue to be flat year on year at $5.14 billion, improving from the 1.6% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.22 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. General Mills has missed Wall Street’s revenue estimates three times over the last two years.
With General Mills being the first among its peers to report earnings this season, we don’t have anywhere else to look to get a hint at how this quarter will unravel for consumer staples stocks. However, there has been positive investor sentiment in the segment, with share prices up 3.5% on average over the last month. General Mills is up 4.3% during the same time and is heading into earnings with an average analyst price target of $73.81 (compared to the current share price of $65.60).
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