General Mills Inc.’s stock fell 5.4% Wednesday after the consumer-foods company’s fiscal fourth-quarter revenue fell short of estimates. The company also offered guidance that lagged consensus.
The stock was on track for its biggest one-day decline in two years. The last time it fell this much was May 18, 2022, when it fell 7.3%.
The parent of food brands including Cheerios, Häagen-Dazs and Betty Crocker GIS, -4.04% reported net income of $558 million, or 98 cents a share, for the quarter to May 26, down from $615 million, or $1.03 a share, in the year-earlier period.
Adjusted for one-time items, the company had earnings per share of $1.01, ahead of the 99-cent FactSet consensus.
Sales fell 6% to $4.714 billion, below the $4.853 billion FactSet consensus.
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