General Mills, Inc. (NYSE:GIS) on Wednesday posted weaker-than-expected quarterly earnings despite slightly topping revenue estimates.
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.
“We started the year expecting that our investments, divestitures, and unfavorable timing comparisons would drive declines in our sales and earnings results through our first three quarters, even as we improved our volume and market share. And that’s what we’ve seen play out,” said General Mills Chairman and Chief Executive Officer Jeff Harmening.
The firm …