One of my favorite consumer stocks, General Mills (GIS), posted a decline for its fiscal third-quarter earnings. The stock is currently down in today’s trading, but as I look over the earnings report, I think it’s really good news.
Getting to the numbers, General Mills earned 79 cents a share which was eight cents less than the Street’s consensus. But here’s the key–the company raised its full-year earnings forecast to a range of $3.87 to $3.89 a share.
Part of the reason why the company’s earnings came in below projections was due to the strong dollar. As I’ve been saying, I think the dollar is headed for a big fall and that will be a big boost for companies like General Mills. GIS continues to be a very strong buy.