General Mills Tops First-Quarter Views, Maintains Full-Year Outlook

09:45 AM EDT, 09/23/2026 (MT Newswires) -- General Mills' (GIS) fiscal first-quarter results exceeded market estimates on Wednesday, while the consumer food company reiterated its full-year outlook amid macro headwinds. The maker of Cheerios cereal and Pillsbury dough reported adjusted earnings of $0.75 a share for the quarter ended Aug. 30, down from $0.86 the year before. The FactSet-polled consensus was for $0.72. Sales declined 3% to $4.39 billion, but came in ahead of the Street's $4.35 billion view. On an organic basis, revenue was flat. The stock fell 1.8% intraday Wednesday and has fallen 25% this year. "We are off to an encouraging start in fiscal 2027, driving improved topline performance with stronger product innovation and renovation," Chief Executive Jeff Harmening said in a statement. "We are also executing with discipline in a volatile environment." RBC Capital Markets expected General Mills' first-quarter earnings to fall short of market expectations amid inflation and shipment timing headwinds. For fiscal 2027, the company continues to project adjusted EPS between $3 and $3.20, while the Street is looking for $3.08. Organic sales are still pegged in a range of down 1.5% to up 0.5%. "General Mills' top priority is to restore profitable organic net sales growth over the long term by making its brands resonate more deeply with consumers," it said. Category growth in the ongoing fiscal year is expected to be below its historical growth rate amid a persistently challenging consumer backdrop, General Mills said. It continues to target at least $750 million in savings, which are expected to offset input cost inflation and brand investments. For the first quarter, North American retail sales fell 7% to $2.45 billion, weighed down by the divestiture of General Mills' US yogurt business in 2025. Pet sales in North America edged up to $612.8 million from $610 million. North American foodservice sales nudged 1% higher to $523.1 million, while international revenue climbed 4% to $794.3 million. Last month, rival food producer J.M. Smucker (SJM) lifted its full-year outlook after recording stronger-than-expected fiscal first-quarter results. Packaged food company Kraft Heinz (KHC) narrowed its full-year earnings guidance in August.