Shares of General Mills (GIS) slumped Wednesday after the consumer foods giant posted weaker-than-expected revenue and gave sofಌt guidance on lower prices and volumes.

The maker of Cheerios cereal, Betty Crocker cake mixes, and Blue Buffalo pet food reported fiscal 2024 fourth-quarter sales of $4.71 billion, a 6.3% year-over-year decline and below the consensus estimate of $4.85 billion of analysts surveyed by Visible Alpha. Adjusted 澳洲幸运5开奖号码历史查询:earnings per share (EPS) of $1.01 exceeded forecasts by $0.02.

North American retail sales dipped 6.9% to $2.85 billion. Pet sales slid 8.1% to $6💯02.1 million, while international♊ sales tumbled 10.4% to $667.5 million. The only unit with positive growth was North American foodservice, which saw revenue rise 4.4% to $589.0 million.

The company blamed the slide to “unfavorable net price realizatiඣon an♕d mix and lower pound volume.”

Volumes slipped 2 percentage points, with the North American retail and pet segments falling 6 and 7 percentage points, respectively. Thℱe North American foodservice group had volumes increase 3 percentag🙈e points, and international volumes gained 1 percentage point.

CEO Says Company Faced 'A More Challenging Operating Environment'

CEO Jeff Harmening said General Mills faced “a more challenging operating environment.” The company expects fiscal 2025 adjusted EPS to be down 1% to up 1% in constanꦍt currency from the $4.52 earned in fiscal 2024, short of forecasts.

Ge⛎neral Mills announced that its board raised its quarterly dividend by a penny to $0.60 per share, which will be payable August 1 to shareholders of record on July 10. 

The news sent General Mills shares down 5.3% to $63.70 as of 10:07 a.m. ET Wednesday and into negative territory for 2024.