Cereal Giant General Mills Stock Drops on Downbeat Outlook | Global News Avenue

General Mill (GISThe stock price fell on Wednesday after the cereal giant’s downward prospect and released quarterly sales.

Lucky Charms cereal and fruit roll makers said its fiscal third quarter ended February 23 lagged expectations, “a slowdown in the U.S. snack category, driven by North American retail retailer stock headwinds and North American pets, and a growing demand for snacks to be enjoyed in the U.S. away.”

General Mills reported that net sales were $4.84 billion, down 5% year-on-year, down from $4.96 billion for analysts, according to Visible Alpha. Adjustment Earnings per share (EPS) The constant currency base of $1.00 fell 15%, but was above the consensus of $0.95.

The company “expects macroeconomic uncertainty to continue to affect consumers”

General Mills said that “macroeconomic uncertainty is expected to continue to affect consumers in the fourth quarter”, which also lowers the outlook for fiscal 2025.

Now, it expects organic net sales to be between 1.5% and 2%, while previous FLAT forecasts will rise to 1%. Adjusted EPS fell 7% to 8%, while previous forecasts fell 2% to 4%. Analysts expect sales to fall by about 0.5% and adjusted EPS to rise by about 2%.

General Mills shares have lost 12% of its value over the past 12 months, down about 5% on shares entering Wednesday.