General Mills Inc. one of the largest food manufacturers in the U.S., more than doubled its net income in the first quarter of fiscal 2026 despite a decline in revenue.
According to a company press release, its net income for the quarter ended 24 August was $1.2 billion, or $2.22 per share, compared to $579.9 million, or $1.03 per share, for the comparable period last year.
Meanwhile, adjusted earnings slipped to $0.86 from $1.07 per share. Analysts polled by FactSet had on average estimated the figure at $0.81 per share.
Revenue fell 6.8% to $4.52 billion, matching market expectations.
General Mills reaffirmed its forecast that for FY 2026 adjusted earnings per share may fall by 15%, and the revenue figure will change in the range of minus 1% to plus 1% in organic terms.
General Mills’ stock price is down 1.2% in early trading on Wednesday. Since the beginning of the year, the company’s capitalisation has fallen by 22.3% (to $26.5 billion).