On Wednesday, General Mills (NYSE: GIS) announced its financial results for the third quarter of fiscal 2018. Shares of the company were down 8% in Wednesday premarket trading.
According to the company, revenue for the third quarter increased from $3.79 billion to $3.88 billion, which was below analysts’ estimates of $3.89 billion.
For the third quarter, the company earned $941.4 million, or $1.62 per share, compared with the results of $357.8 million, or $0.61 per share for last year. According to the company, the increase in the earnings was positively influenced by the recent tax overhaul. Adjusted earnings per share for the third quarter was $0.79 per share, which met the analysts’ expectations.
“Our primary goal this year has been to strengthen our topline performance while maintaining our efficiency,” Jeff Harmening, the Chairman and Chief Executive Officer of General Mills, said in the statement on Wednesday.
“We are moving urgently to address this increasingly dynamic cost inflation environment. We've taken actions to improve profitability in the near term, and we've launched initiatives that will reduce our long-term cost structure. While these actions will only partially offset the cost headwinds in fiscal 2018, we are confident they will strengthen our bottom-line results beginning in fiscal 2019,” Harmening continued.