Wed Sep 18 14:22:00 UTC 2024: ## General Mills Shares Dip Despite Positive Earnings Report
**IRVINE, Calif., September 19, 2024** – Shares of General Mills (GIS) initially fell in after-hours trading following the release of their first quarter earnings report. The consumer food giant reported a year-over-year decline in profits, but a smaller than expected drop in sales, largely attributed to price increases on some of their snack products. Despite the dip, General Mills shares rebounded in Wednesday’s market open.
While the company’s profit took a hit, General Mills reaffirmed its 2025 forecasts and expects volume trends to improve next year. CEO Jeff Harmony stated that accelerating organic net sales growth is their top priority, with the company making progress on this goal in the first quarter across several fronts. The company also emphasized its commitment to providing “remarkable experiences” for consumers.
General Mills is also expanding into the pet food market, which performed well in the first quarter, particularly in terms of volume. This diversification strategy is seen as a potential move away from the company’s traditional cereal focus.
Analysts remain cautiously optimistic about General Mills, noting the company’s encouraging revenue and gross margin performance, as well as strong market share gains in North America. However, some are waiting to see how General Mills’ execution improves before making a firm investment decision.
First Piper 