General Mills' Sales Slip Again But Analyst Sees Outlook Improving

General Mills reported better-than-expected fiscal third quarter earnings on Wednesday with revenue that came in line with estimates. The company reported earnings of $0.70 a share, excluding items, up from $0.62 a share a year ago, on revenue that slipped to $4.35 billion. The period marked the sixth straight quarter in which General Mills reported lower sales. The company also announced it expects to complete the elimination of about 800 jobs, mostly in the U.S. However, Wells Fargo senior analyst John Baumgartner noted that he likes how the company is adapting its yogurt products to consumer preferences and is optimistic that such practices can be transferred to struggling categories. Overall, he called the results 'respectable.'