General Mills stock rises after the Cheerios parent reports an earnings beat and raised its dividend

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General Mills Inc. stock rose 3.44% in premarket trading after the Cheerios parent reported fiscal first-quarter earnings beat expectations and the company raised its dividend. Net income totaled $638.9 million, or $1.03 per share, up from $520.6 million, or 85 cents per share, last year. Adjusted EPS of 27 cents beat the FactSet consensus for 87 cents. Sales of $4.36 billion were up from $4.00 billion last year and ahead of the FactSet forecast for $4.22 billion. Sales for the North American retail segment, pet and global segments rose while convenience stores and foodservice fell, owing to increased at-home eating during the coronavirus pandemic. General Mills declared a quarterly dividend of 51 cents per share, a 4% increase, payable on Nov. 2 to shareholders of record as of Oct. 9. General Mills expects at-home demand to remain elevated due to COVID-19, but did not give fiscal 2021 guidance due to the uncertainty of the pandemic. Other General Mills brands include Yoplait yogurt, Cascadian Farms, Annie’s and Green Giant. General Mills stock has gained 8.3% for the year to date while the S&P 500 index is up 2.6% for the period.
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