Jim Cramer Says Buy General Mills Stock

Katherine Ross

General Mills reported earnings. 

General Mills said adjusted earnings for the three months ending in August, the company's fiscal first quarter, were pegged at $1.00 per share, a 28.2% increase from the same period last year and well ahead of the Street consensus forecast of 87 cents per share. Group revenues, General Mills said, rose 10% to $4 billion, again topping analysts' forecast of a $4.2 billion tally.

General Mills declined to provide a 2021 earnings forecast, but said the biggest factor to both its top and bottom lines will be the relative balance between stay-at-home and return-to-work trends in consumer food demand, both of which are closely linked to the global coronavirus pandemic.

"We continued to drive exceptional results this quarter, highlighted by broad-based market share gains amid elevated at-home food demand due to the COVID-19 pandemic,” said CEO Jeff Harmening. “The fundamentals of our business are strong. We’re investing in our brands, executing with speed and agility, and maintaining our focus on the health and safety of our employees and our consumers."

"And, importantly, we’re resuming dividend growth sooner than initially planned. I’m more confident than ever that General Mills is poised to emerge from the pandemic a stronger company and in a position to generate consistent, profitable growth and top-tier returns for our shareholders,” he added.

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.

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Comments (7)
No. 1-5
JavierFrausto
JavierFrausto

Reading this made me hungry for some cereal, Im going to pour some up right now

Emmanwo8
Emmanwo8

I'm glad to see General Mills doing good during the pandemic

jeehoyun
jeehoyun

I always think its suspicious when management refuses to provide any guidance...

AlexM5
AlexM5

General Mills has been around for quite some time so I wonder why they haven't always been doing as great. I understand the pandemic happened, but even before the pandemic you can never go wrong with cereal as a quick meal.

kperkins2
kperkins2

Kids like my little brother are keeping this company alive. He will run through 1-2 boxes of cereal every few days🤦🏾‍♂️