General Mills, Inc. (NYSE: GIS) reported an increase in adjusted earnings for the third quarter of 2024 despite a modest decline in sales. The results came in above analysts’ estimates.
Net sales edged down 1% annually to $5.1 billion in the February quarter. Organic sales were down 1%. The weak top-line performance mainly reflects lower sales in the International and Pet segments. The latest number topped expectations.
Net earnings attributable to General Mills was $670.1 million or $1.17 per share in Q3, compared to $553.1 million or $0.92 per share in the year-ago quarter. Adjusted earnings per share moved up to $1.17 per share from $0.97 per share a year earlier, exceeding estimates.
“We continue to navigate today’s evolving operating environment while generating industry-leading levels of cost savings. And we remain committed to investing further in our brands and capabilities to drive profitable growth over the long term,” said General Mills’ chief executive officer Jeff Harmening.