General Mills Inc. (NYSE: GIS) reports its financial results for the fiscal second quarter on Thursday that came in better than what analysts had anticipated, despite the ongoing Coronavirus pandemic that has so far infected more than 1.7 million people in the United States and caused over 300 thousand deaths.
On the daily chart, General Mills is currently about 1% up in the stock market. Its shares are now roughly 15% up on a year-to-date basis. Learn more about how to choose winning stocks.
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General Mills’ Q2 financial results versus analysts’ estimates
General Mills said that its net income in the second quarter printed at £505.59 million that translates to 82 pence per share. In the same quarter last year, it had reported a lower £426.56 million of net income or 69.77 pence per share.
On an adjusted basis, the American multinational earned 78 pence per share in the recent quarter. General Mills also said on Thursday that its sales in Q2 registered at £3.47 billion versus the year-ago figure of £3.25 billion.
According to FactSet, analysts had expected the company to post £3.42 billion of sales in the second quarter. Their estimate of per-share earnings was capped at a lower 71.24 pence per share. Earlier this week, General Mills added protein soft bakes to Nature Valley range.
Other prominent figures in General Mills’ earnings report
Other prominent figures in the Minneapolis-based company’s earnings report on Thursday include £2.14 billion of sales in North America that represent a 9% year over year increase. Within this segment, U.S. meals and baking sales jumped 18% in the recent quarter while snacks sales were 2% down on an annualised basis.
The manufacturer and marketer of branded consumer foods also said on Thursday that pet sales saw an 18% growth in the second quarter to £337.84 million. At £323.15 million, convenience stores and foodservice sales were 14% lower than last year in Q2.
General Mills expressed confidence on Thursday that organic sales growth will keep the momentum in the third quarter as well. The U.S. company had also topped analysts’ estimates in the fiscal first quarter, as per the report published in September.
General Mills performed largely upbeat in the stock market last year with an annual gain of roughly 30%. At the time of writing, it is valued at £26.89 billion and has a price to earnings ratio of 16.04.