General Mills (GIS) Tops Q2 EPS by 3c, Reaffirms FY Guidance

General Mills (NYSE: GIS) reported Q2 EPS of $0.85, $0.03 better than the analyst estimate of $0.82. Revenue for the quarter came in at $4.41 billion versus the consensus estimate of $4.52 billion.

General Mills reaffirmed its full-year fiscal 2019 targets:

• Organic net sales are expected to be in a range between flat and up 1 percent. Including the impact of the Blue Buffalo acquisition, net sales are expected to increase 9 to 10 percent in constant currency.
• Constant-currency adjusted operating profit is expected to increase 6 to 9 percent from the base of $2.6 billion reported in fiscal 2018.
• Constant-currency adjusted diluted EPS are expected to range between flat and down 3 percent from the base of $3.11 earned in fiscal 2018.
• The company expects free cash flow conversion of at least 95 percent of adjusted after-tax earnings.
• Currency translation is now expected to reduce reported net sales by 1 to 2 percentage points in fiscal 2019 and is not expected to have a material impact on full-year adjusted operating profit or adjusted diluted EPS.

For earnings history and earnings-related data on General Mills (GIS) click here.

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