Author: Vitaliy Dadalyan

General Mills Raises Dividend After 1Q Sales Beat

General Mills posted better-than-expected 1Q results as the food company benefited from increased at-home demand during the COVID-19 pandemic. The cereal company reported 1Q adjusted EPS of $1 per share, beating analysts' estimates of $0.87. Revenues during the quarter ending Aug. 30 increased 9% year-over-year to $4.4 billion, exceeding analysts’ estimates of $4.2 billion.Shares rose more than 3% in Wednesday's pre-market trading but are down 0.2% in morning trading with the rest of the US stock market.General Mills’ (GIS) said sales rose due to strong demand for at-home food demand, positive net price realization and product mix. Adjusted earnings in 1Q rose 27% in constant currency, supported by higher adjusted operating profits. In addition, General Mills raised its quarterly dividend by 4% to $0.51 per share. The dividend will be payable on Nov. 2 to shareholders of record as of Oct. 9.General Mills did not give an outlook for fiscal 2021,...