General Mills Inc.
stock rose nearly 1% in Thursday premarket trading after the food manufacturer reported fiscal second-quarter earnings and sales that beat expectations. Net income totaled $688.4 million, or $1.11, up from $580.8 million, or 95 cents per share. Adjusted EPS was $1.06 ahead of the FactSet consensus for 97 cents. Sales of $4.72 billion were up from $4.42 billion last year and beat the FactSet consensus for $4.65 billion. Sales in North America grew 9% to $2.92 billion, with U.S. meals and baking up 18% but snacks down 2%. Pet sales rose 18% to $460 million, while convenience stores and foodservice fell 14% to $440 million. General Mills expects current COVID-19-related eat-at-home trends to continue for the rest of fiscal 2021, with organic sales growth in the third quarter similar to the second quarter. General Mills shares have rallied 13% over the last year while the S&P 500 index
is up 16% for the period.