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Omar Venerio
Omar Venerio
Articles (1192) 

General Mills Up Despite In-Line Earnings

Revenue upbeat

In Wednesday pre-market trading, General Mills Inc. (NYSE:GIS) was up about 2% on the back of financial results for the second quarter of its fiscal 2018. The company reported an annual net sales growth of 2.2% to $4.2 billion, while its profit advanced to 82 cents per share. Moreover, the results exceeded analysts’ estimates of $110 million in revenue, while earnings were in line.

Moreover, operating profit reached $730 million, a decline of 5%, and total segment operating profit was down 8% in constant currency.

Jeff Harmening, the company's CEO, was pleased with the topline growth across geographies, product platforms and channels. He added, "We're executing better, with stronger innovation, more effective brand building, and better merchandising leading to market share gains in the majority of our key global platforms. I'm also pleased that we delivered topline growth in absolute terms."

The company expects a constant-currency adjusted diluted EPS to increase 12% from the base of $3.08 earned in the prior fiscal year, which remains unchanged from previous guidance.

Gainers

• Micron Technology Inc. (NASDAQ:MU)

• BlackBerry Ltd. (NYSE:BB)

• FedEx Corp. (NYSE:FDX)

• Darden Restaurants Inc. (NYSE:DRI)

Losers

• Stitch Fix Inc. (NASDAQ:SFIX)

• TherapeuticsMD Inc. (NASDAQ:TXMD)

• Red Hat Inc. (NYSE:RHT)

• Evogene Ltd. (NASDAQ:EVGN)

Global Markets

The main European stock markets traded lower. The U.K.'s FTSE gained 0.03%, while Spain's Ibex was down 0.31%, Germany's Dax closed down 0.27% and France's CAC retreated 0.20%.

In Asia, Japan's Nikkei closed up 0.10%, while Hong Kong's Hang Seng lost 0.07%, China´s SSE Composite fell 0.27% and India’s BSE Sensex slid 0.18%.

Disclosure: The author holds no positions in any stocks mentioned.

About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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