General Mills’ latest quarterly earnings surpassed analysts’ expectations, thanks to growth in demand for pet foods.
For the quarter ended November 24, the food company’s earnings (excluding items) came in at 95 cents per share, beating the 88 cents expected by analysts (based on IBES data from Refinitiv).
Net sales increased to $4.42 billion from $4.41 billion, but fell short of analysts’ estimate of $4.43 billion (according to IBES data from Refinitiv). Sales at its pet segment climbed +16%, on the back of price increases and the recent rollout of Blue Buffalo products in Walmart stores.
Last year, General Mills acquired Blue Buffalo Pet Products for $8 billion.