Stock Story -
Packaged foods company General Mills (NYSE:GIS) will be announcing earnings results tomorrow morning. Here's what to look for.
General Mills beat analysts' revenue expectations by 2.7% last quarter, reporting revenues of $5.10 billion, flat year on year. It was a solid quarter for the company, with an impressive beat of analysts' organic revenue growth estimates and a decent beat of analysts' earnings estimates.
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This quarter, analysts are expecting General Mills's revenue to decline 3.4% year on year to $4.86 billion, a reversal from the 2.8% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.99 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. General Mills has missed Wall Street's revenue estimates twice over the last two years.
With General Mills being the first among its peers to report earnings this season, we don't have anywhere else to look to get a hint at how this quarter will unravel for consumer staples stocks.
