Shares of General Mills (NYSE:GIS) are up today after it reported earnings for its third quarter of Fiscal Year 2023. Adjusted earnings per share came in at $0.97, which beat analysts’ consensus estimate of $0.93 per share. Sales increased by 13% year-over-year, with revenue hitting $5.13 billion. This was $160 million above expectations.
Looking forward, management now expects revenue and adjusted EPS growth for Fiscal Year 2023 to be in the ranges of 10% to 11% and 8% to 9%, respectively. This is up from the previous guidance which called for 10% revenue growth and 7% to 8% adjusted EPS growth.
Nevertheless, analysts remain cautious on GIS stock with a Hold consensus rating based on two Buys, seven Holds, and one Sell assigned in the past three months. Indeed, Wall Street only sees 7.5% upside potential, as indicated by the graphic above.
