General Mills Inc (NYSE:GIS, ETR:GRM) reported better-than-expected sales and profits for the fiscal third quarter as higher prices for its cereals and other food items offset weaker demand and rising input and labor costs.
The food giant – whose brands include Betty Crocker, Cheerios, Cocoa Puffs, Dunkaroos, Häagen-Dazs, Lucky Charms, Old El Paso, Pillsbury, and Yoplait – reported a 22% year-over-year jump in adjusted diluted earnings per share (EPS) to $1.17.
Wall Street analysts had expected $1.04.
Sales for the quarter were $5.1 billion, ahead of estimates of $4.95 billion.
General Mills also reiterated its full-year fiscal 2024 outlook of flat to negative 1% sales and a 4% to 5% increase in adjusted diluted EPS.
This is in line with analysts' expectations of a 0.6% decrease in sales to $19.97 billion and a 4.4% increase in EPS to $4.49.
After initially rising as much as 7%, shares of General Mills were up 1.5% at $69.68 shortly before noon on Wednesday.