By Senad Karaahmetovic
Shares of General Mills (NYSE:GIS) are trading about 2% higher in pre-market Tuesday after the company hiked its full-year forecast.
Speaking at the event in New York, General Mills’ management noted strong recent results, which paved the way for an increase in full-year guidance. The adjusted EPS is now seen growing 7-8%, up from the prior +4-6% range.
Full-year organic net sales are projected to rise 10%, a more optimistic outlook relative to the prior range of +8-9% and higher than the consensus of 8.65%.
“With the consistent execution of its Accelerate strategy, General Mills is well-positioned to continue driving profitable growth and top-tier returns for its shareholders in the years to come,” GIS said in a press release.
General Mills shares were down 8.4% year-to-date (YTD) based on Friday’s closing price of $76.77 per share.