Updated at 12:31 pm EST
General Mills (GIS) – Get General Mills Inc. Report posted stronger-than-expected fourth quarter earnings Wednesday, and boosted its quarterly dividend, despite “significant inflation and supply chain disruptions” that pressured profit margins.
General Mills said adjusted profits for the three months ending on May 29, the group’s fiscal fourth quarter, rose 23.1% from last year to $1.12 per share, well ahead of the Street consensus forecast of 91 cents. Group revenues, General Mills said, were up 8% to $4.9 billion, narrowly topping analysts’ estimates of a $4.805 billion tally.
The group also boosted its quarterly dividend payment by 6%, to 54 cents per share.
Amid surging input costs, the Betty Crocker and Pillsbury brand owner said its adjusted gross margin fell 70 basis points from last year to 33.8%, a figure that matched Refinitiv forecasts, with the company adding it expects “double-digit” inflation costs