FMP
General Mills Stock Plummets 5% Following Q4 Earnings
Jun 28, 2023 4:46 PM - Davit Kirakosyan(Last modified: Dec 19, 2023 5:49 PM)
Image credit: FMP
General Mills (NYSE:GIS) shares plunged around 5% intra-day today after the company reported its Q4 earnings results, with revenue of $5 billion missing the Street estimate of $5.17 billion. EPS was $1.12, compared to the Street estimate of $1.07.
General Mills has outlined its financial targets for fiscal 2024. The company expects organic net sales to grow between 3% and 4%. General Mills also anticipates a 4% to 6% increase in adjusted diluted EPS in constant currency, relative to the base value of $4.30 earned in fiscal 2023. The company also hiked its quarterly dividend by 9.3% to $0.59 per share, or $2.36 annualized, for an annual yield of 2.9%.
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