RTTNews | Dec 21, 2021 11:29AM EST

11:29 Tuesday, December 21, 2021 (RTTNews.com) - Minneapolis-based packaged food maker, General Mills, Inc. (GIS), is trading 4% lower on the market after the company reported a lower net income in the second quarter on the higher price of raw materials and higher cost of labor. Earning also fell short of the Street view.

Net income reported by the company was $597.20 million, or $0.97 per share, down from $688.40 million, or $1.11 per share, last year. On an adjusted basis, the earnings per share was $0.99 per share. On average, 17 analysts polled by Thomson Reuters estimated the earnings to be $1.05 per share.

The stock is currently trading at $64.92, down $2.87 or 4.24% since the previous close at $67.79. The stock opened at $64.50 in the morning. In the 52-week period, the stock has ranged between $53.96 and $69.68 per share.

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