General Mills shares surged as much as 9.9% in New York trading, the biggest intraday gain since 2020, after the packaged-food company reported quarterly adjusted earnings and revenue that beat Bloomberg-compiled analyst estimates. The jump helped trim a year-to-date decline that had reached 25% through Tuesday's close. Management said consumers remain under pressure from rising prices and may keep leaning toward discounts, promotions, and more careful shopping habits, while CEO Jeff Harmening said the company is done cutting prices but will try to win consumers through product innovation, packaging changes, marketing, and trends tied to higher protein and fiber intake, including premium Cheerios with added protein. Organic sales in the North American retail business were flat for the quarter, better than expected, and the company guided for fiscal-year organic sales to range from up 0.5% to down 1.5%. General Mills also targets $3 billion in cost savings by fiscal 2030, which RBC Capital Markets' Nik Modi called prudent and achievable.
General Mills IncEarnings and revenue beat analyst estimates, and cost savings target of $3 billion announced.