General Mills shares surged 7.2% after the packaged foods company reported second-quarter results that exceeded Wall Street forecasts for both revenue and profit. Revenue rose 1.2% year-over-year to $4.61 billion, surpassing the consensus estimate of $4.58 billion, despite a 4% decline in sales volumes. Adjusted earnings per share came in at $0.95, well above analyst expectations of $0.80. The company noted that a significant drop in reported operating profit was due to one-time, non-cash charges related to goodwill and the planned sale of its Brazil business.
General Mills IncQ2 results beat expectations for revenue and profit, driving share surge