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General Mills Rallies After Raising 2022 Guidance -Breaking

by Mike Robinson

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© Reuters

Sam Boughedda

Investing.com — General Mills (NYSE:)The branded food manufacturer rallied Wednesday after its earnings report, which raised its guidance for 2022.

Betty Crocker, the maker of Cheerio’s, announced earnings per share in excess of $4.54 Billion. The polled analysts by Investing.comExpected EPS $0.78 on revenues of $4.56 Billion

The outlook for fiscal 2022 was also increased by the company. Recent price increases have helped to reduce cost pressures, while still ensuring strong demand.

General Mills stock prices rose more than 5% in the early hours of Wednesday trading due to this news.

For fiscal 2022, organic net sales are expected to rise by approximately 5%. The higher outlook for adjusted operating profit means that adjusted earnings per share are expected to be flat or up 2%.

“Our solid execution in a highly volatile environment enabled us to close the third quarter with improved momentum,” said General Mills Chairman and Chief Executive Officer Jeff Harmening.

The acceleration of net price realization will drive us to strong growth, which we expect to fuel in the fourth quarter. With confidence in our plans and positive momentum on our business, we’re raising our guidance for fiscal 2022.”

 

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