NEW YORK (TheStreet) -- General Mills (GIS) - Get Report stock is rising 1.73% to $66.90 in pre-market trading on Wednesday after the food manufacturer delivered financial results that exceeded expectations for the fiscal 2016 fourth quarter.
The Minneapolis-based cereal maker posted earnings of 66 cent per share for the quarter ended May 29, beating estimates of 60 cents per share.
Revenue declined 8.6% year over year to $3.93 billion for the latest quarter, but topped estimates of $3.86 billion. Revenue was down 8% on a constant-currency basis.
U.S. retail segment net sales decreased 12% to $2.2 billion, while international net sales were down 1% to $1.2 billion for the quarter.
General Mills also reported earnings of $2.92 per share on revenue of $16.56 billion for the full fiscal year. Wall Street was expecting earnings of $2.87 per share on revenue of $16.53 billion for the year.
For the 2017 fiscal year, General Mills expects organic net sales to be flat or down 2% year over year and earnings per share to increase 6% to 8%.
Separately, General Mills has a "buy" rating and a letter grade of A at TheStreet Ratings because of the company's solid stock price performance, notable return on equity, expanding profit margins, good cash flow from operations and growth in earnings per share.
You can view the full analysis from the report here: GIS
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