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Investing.com — General Mills (NYSE:GIS), the branded foods manufacturer, rallied Wednesday following its earnings report which saw it raise its 2022 guidance.
The maker of Cheerio’s and Betty Crocker announced earnings per share of $0.84 on revenue of $4.54 billion. Analysts polled by Investing.com anticipated EPS of $0.78 on revenue of $4.56 billion.
The company also raised its fiscal 2022 outlook, with recent price increases helping to ease cost pressures while demand remains robust.
The news sent General Mills shares more than 5% higher in early Wednesday trading.
Organic net sales for the company are now expected to increase approximately 5% for fiscal 2022, with adjusted earnings per share now expected to range between flat and up 2%, driven by the higher outlook on adjusted operating profit.
“Our solid execution in a highly volatile environment enabled us to close the third quarter with improved momentum,” said General Mills Chairman and Chief Executive Officer Jeff Harmening.
“We expect to drive strong growth in the fourth quarter, fueled by accelerating net price realization. With confidence in our plans and positive momentum on our business, we’re raising our guidance for fiscal 2022.”
