NEW YORK (TheStreet) -- Shares of General Mills (GIS) are rising on Wednesday, shaking off the company's weaker-than-expected fiscal third-quarter results that were weighed down by the harsh winter weather.
Shares of General Mills are climbing on Wednesday, shaking off the company's fiscal third-quarter results that missed Wall Street expectations.
General Mills reported adjusted earnings of 62 cents a share, excluding items, below analyst expectations of 64 cents a share, according to Thomson Reuters. Revenue fell 1% to $4.38 billion, trailing estimates as well. The food products company attributed the weaker-than-expected results to the harsh winter weather. General Mills also blamed a 1.2% drop in net sales for the quarter to lower volumes and negative foreign currency effects.Looking forward, the company backed its fiscal 2014 guidance, expecting to earn between $2.87 and $2.90 a share. At last check, shares of General Mills were climbing more than 1% to $51.30. In New York, I'm Brittany Umar for TheStreet. -- Written by Brittany Umar in New York.
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