General Mills Reports Fiscal 2017 Third-Quarter Results
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General Mills (GIS) Tops Q3 EPS by 1c, Sales Light; Reaffirms
March 21, 2017 6:57 AM EDTGeneral Mills (NYSE: GIS) reported Q3 EPS of $0.72, $0.01 better than the analyst estimate of $0.71. Revenue for the quarter came in at $3.79 billion versus the consensus estimate of $3.82 billion.
Third Quarter Results Summary
Reported net sales declined 5 percent to $3.79 billion. Organic net sales also declined 5 percent, primarily reflecting volume reductions in the North America Retail segment partially offset by benefits from positive net price realization and mix.Gross margin increased 60 basis points to 34.5 percent of net sales, reflecting benefits from cost-savings initiatives and favorable mark-to-market effects. Adjusted gross margin, which excludes certain items affecting... More