General Mills Inc. (NYSE:GIS) reported third-quarter results that came in below Wall Street forecasts, as adjusted earnings fell short of expectations and net sales declined from a year earlier.
The food manufacturer posted adjusted earnings of $0.64 per share for the quarter, missing the analyst consensus estimate of $0.73 by $0.09. Revenue totaled $4.4 billion, roughly in line with estimates of $4.41 billion but down 8% compared with the same period last year. Shares slipped about 1.2% following the announcement.
The company maintained its outlook for fiscal 2026, forecasting organic net sales to decline between 1.5% and 2%. Adjusted operating profit and adjusted diluted earnings per share are both expected to fall between 16% and 20% on a constant currency basis.
“We’re reaffirming our fiscal 2026 guidance today, as our focus on executing our Remarkability playbook continued to deliver stronger competitiveness for our brands in the third quarter,” said CEO Jeff Harmening. He noted that investments, divestitures, and unfavorable timing comparisons drove declines through the first three quarters as expected, while volume and market share improved.
Organic net sales fell 3% during the quarter, reflecting lower organic pound volume along with unfavorable pricing and product mix. In the North America Retail segment, organic net sales dropped 4%, although the company held or expanded pound share in seven of its top 10 U.S. product categories. Adjusted operating profit came in at $547 million, down 32% in constant currency due to lower volumes and higher input costs.
Looking ahead, General Mills expects a meaningful rebound in the fourth quarter, supported by favorable timing comparisons, the benefit of a 53rd week in the fiscal year, and continued gains in market share.