General Mills stock gains after profit beat and raised outlook, as North America strength offset international weakness

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Shares of General Mills Inc. GIS, -0.55% climbed 0.9% in premarket trading Wednesday, after the branded consumer foods company, which brands include Cheerios, Betty Crocker and Häagen-Dazs, reported fiscal first-quarter profit that rose above expectations and raised its full-year outlook, as strength in its North America and pet businesses offset international weakness. Net income for the quarter to Aug. 28 rose to $820.0 million, or $1.35 a share, from $627.0 million, or $1.02 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.11 beat the FactSet consensus of $1.00. Sales grew 3.9% to $4.72 billion, matching the FactSet consensus. North America Retail sales increased 10%, North America Foodservice sales rose 21% and Pet sales grew 19%, while international sales dropped 30%. For fiscal 2023, the company raised its year-over-year growth outlook for adjusted EPS to 2% to 5% from flat to up 3%, and said it now expects organic net sales to rise 6% to 7% versus previous guidance of 4% to 5% growth. The stock has rallied 11.1% over the past three months through Tuesday, while the S&P 500 SPX, -1.13% has gained 2.4%.

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