General Mills Inc on Thursday raised its fiscal 2023 forecasts for a fourth time after beating estimates for quarterly results, helped by price increases and steady demand for itsGeneral Mills' organic sales in the third quarter rose 16%, helped mainly by higher prices, while volumes remained flat.The companyit now expects organic net sales to rise 10% to 11% in fiscal 2023, compared to its earlier forecast of about 10% growth.
It forecast fiscal 2023 adjusted profit per share to rise between 8% and 9% on a constant-currency basis, compared with its prior range of a 7% to 8% rise. The company's net sales in the third quarter ending Feb. 26 rose 13% to about $5.13 billion, while analysts had expected $4.97 billion, according to Refinitiv data.
Excluding one-off charges, General Mills earned 97 cents per share, compared with estimates of 93 cents.