Why General Mills Stock Jumped 5.5% This Morning
Shares of General Mills (NYSE: GIS), a food company known for iconic brands like Cheerios and Blue Buffalo pet food, rose roughly 5.5% in morning trading on Wednesday. The big story was the fiscal fourth-quarter 2022 earnings update, which was mixed in some ways. But investors clearly chose to see the positives this morning.
General Mills reported an organic sales gain of 13% in the final quarter of fiscal 2022. That's a huge number, driven largely by price hikes. Overall sales rose 8% to $4.9 billion, slightly exceeding Wall Street expectations. On the bottom line, the consumer staples giant posted adjusted earnings of $1.12 per share, up 23% year over year and well ahead of the $1.01 consensus estimate.
Investors tend to like it when a company beats on both the top and bottom lines, and that certainly seems to be what Wall Street was focused on today.
Source Fool.com
