On Wednesday, General Mills (NYSE: GIS) announced its financial results for the fourth quarter of fiscal 2018, with revenue matching estimates and earnings beating estimates. Shares of the company dropped 1.1% in premarket trading on Wednesday.
“Fiscal 2018 represented an important first step in returning our business to sustainable topline growth,” Jeff Harmening, the Chairman and Chief Executive Officer of General Mills, said in the statement on Wednesday. “We made significant progress toward competing more effectively this year, with strong innovation, marketing, and in-store execution driving positive organic sales growth in each of our last three quarters.”
According to the company, revenue for the third quarter increased 2.2% to $3.89 billion. The increase in revenue was mainly due to the better-than-expected results in sales of convenience store and food service segment, which offset the drop-in retail sales of North America.
Net income for the quarter dropped from $408.9 million, or 69 cents per share, for the same period last year, to $354.4 million, or 59 cents per share. Excluding certain items, the company reported adjusted earnings per share of 79 cents per share. The results beat analysts’ estimates of 71 cents per share.
“As we turn to fiscal 2019, we'll continue to follow our Consumer First strategy and execute against our global growth priorities to further improve our topline momentum. We are committed to competing effectively across all our brands and geographies, increasing investments to accelerate our differential growth platforms, and maximizing the growth opportunities for Blue Buffalo,” Jeff continued.