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General Mills Climbs 5% After Raising Annual Guidance

Shares of packaged consumer foods producer General Mills, Inc. (GIS) are rising more than 5% in the morning trade on Wednesday after the company raised its full-year outlook on strong demand.

"Demand for our brands remains robust, and our team has shown great agility to overcome disruptions throughout the supply chain and deliver for our customers and consumers. We expect to drive strong growth in the fourth quarter, fueled by accelerating net price realization. With confidence in our plans and positive momentum on our business, we're raising our guidance for fiscal 2022," said General Mills Chairman and Chief Executive Officer Jeff Harmening.

General Mills expects full-year adjusted EPS on constant currency basis to be flat-up 2 percent, higher than previous expectation of between down 2 percent and up 1 percent.

Organic net sales are now expected to increase about 5 percent. It was previously expected to increase 4 to 5 percent.

The company reported net earnings of $660.3 million or $1.08 per share in the third quarter, higher than $595.7 million or $0.96 per share in the same quarter a year ago.

Excluding one-time items, EPS of $0.84 beat the average estimate of analysts polled by Thomson Reuters at $0.78 per share.

Net sales were $4.538 billion compared with $4.52 billion a year ago. The consensus estimate was for $4.54 billion.

GIS, currently at $66.13, has traded in the range of $56.67-$69.95 in the past 52 weeks.

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