General Mills Inc. (GIS) shares rose Wedne𓃲sday as the breakfast and snack food maker reported third-quarter earninꦓgs that surpassed analyst expectations.

The company reported third-quarter adjusted income of $674 million, or adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $1.17, both above analyst estimates compiled by Visible Alpha, while posting a smaller year-over-year sales decrease than expected.

The 1% decrease in net sales from the third quarter a year ago was due to lower overall volume, but was partially offset by improved net price realization, the company said. Over the 澳洲幸运5官方开奖结果体彩网:last several quarters, General Mills has said sales have decreased because once it raised prices to 澳洲幸运5官方开奖结果体彩网:combat inflation, some consumers eventually chose to make the switch to 澳洲幸运5官方开奖结果体彩网:cheaper brands.

It also affirmed full-year guidance after lowering projections when announcing second-quarter earnings in December. General Mills still projects net sales to range from flat to a 1% decline, down from projected growth of 3% to 4%, and full-year adjusted EPS to increase by 4% to 5%, which was previously projected to increase 4% to 6%.

The company didn't provide specific numbers for the third quarter, but said it has bought back about $1.6 billion of its own stock and paid out about $1 billion in 澳洲幸运5官方开奖结果体彩网:dividends through the first nine months of the 2024 fiscal year, both higher than the same❀ period in the last fiscal year.

General Mills owns dozens of food and pet brands, from Cheerios and Lucky Charms to Betty Crocker and Blue Buffalo pet food, as well as food service suppliers that p൲rovide ingredients to other companies.

Ge🌊neral Mills shares gained about 1.4% to $69.60 at 1:11 p.m. ET Wednesday. The stock is up about 4.3% on the year but down almost 13% over the last 12 months.