General Mills Inc (NYSE:GIS) stock is set to drop on Wednesday following first quarter results that fell short of market expectations.
The Cheerios and Haagen-Dazs owner reported US$408mln of income for the three months ended August 27 which equates to 69 cents per share, slightly ahead of 67 cents in the same period of last year.
Earnings excluding non-recurring items came in at 71 cents per share, versus consensus expectations for 6 cents.
The company reported a 3.5% drop in revenue to US$3.77bn, with North American sales down 5% to US$2.44bn below consensus for US$2.45bn.
General Mills shares were down US$2.82 or 5.09% in pre-market deals.