General Mills (GIS) Tops Q3 EPS by 3c

General Mills (NYSE: GIS) reported Q3 EPS of $0.65, $0.03 better than the analyst estimate of $0.62. Revenue for the quarter came in at $4 billion versus the consensus estimate of $4.08 billion.General Mills reaffirmed FY2016 guidance.

General Mills Chairman and Chief Executive Officer Ken Powell said, "Our third-quarter financial results were in line with our expectations. We reported a decline in net sales as anticipated, primarily reflecting the Green Giant divestiture and continued foreign exchange headwinds. Constant-currency segment operating profit was down modestly, as our cost savings efforts more than offset the impact of the Green Giant sale. Our disciplined financial management has enabled us to expand our adjusted operating profit margin for the fifth consecutive quarter while still investing in Consumer First renovation and innovation news."

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