General Mills, Inc. (NYSE:GIS) shares fell on Wednesday after the food maker posted weaker-than-expected quarterly earnings despite slightly topping revenue estimates.
The results reflected softer sales trends in key North America businesses, while margin pressure and higher input costs weighed on performance.
What Happened?
The company reported third-quarter adjusted earnings per share of 64 cents, missing the analyst consensus estimate of 73 cents. Quarterly sales of $4.437 billion (down 8% year over year) outpaced the Street view of $4.417 billion.
Organic net sales were down 3%, driven by lower organic pound volume and unfavourable organic net price realization and mix, and trailed Nielsen-measured global retail sales results by approximately 1.5 points.
Segments
North America Retail Segment: Third-quarter net sales for General Mills’ North America Retail segment were down 14% to $2.6 billion, including a 9-point headwind from the North American …