General Mills (GIS) Misses Q3 EPS by 2c, Revenues Beat
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General Mills (NYSE: GIS) reported Q3 EPS of $0.82, $0.02 worse than the analyst estimate of $0.84. Revenue for the quarter came in at $4.5 billion versus the consensus estimate of $4.44 billion.
- Net sales increased 8 percent to $4.5 billion; organic net sales1 increased 7 percent
- Operating profit increased 27 percent to $827 million; constant-currency adjusted operating profit increased 5 percent
- Diluted earnings per share (EPS) totaled $0.96, up 30 percent from the prior year; adjusted diluted EPS of $0.82 increased 6 percent in constant currency
- Company provides outlook for full-year organic net sales growth and adjusted operating profit margin; announces resumption of share repurchase activity beginning in the fourth quarter
“We continued to execute well and delivered profitable growth in the third quarter,” said General Mills Chairman and Chief Executive Officer Jeff Harmening. “We’ve made good progress on our fiscal 2021 priorities, including competing effectively, fueling investment in our brands and capabilities, and reducing our leverage. With our balance sheet in a strong position, we have resumed share repurchase activity in the fourth quarter. We’re continuing to advance our Accelerate strategy, including yesterday’s announcement of our proposed divestiture of our European Yoplait business. Looking ahead, we remain focused on strengthening our momentum and emerging from the pandemic a stronger company, even better positioned to drive long-term shareholder value.”
General Mills expects that the COVID-19 pandemic will drive continued elevated consumer demand for food at home, relative to pre-pandemic levels, through the remainder of fiscal 2021. The company expects full-year organic net sales to increase approximately 3.5 percent, reflecting strong year-to-date growth, partially offset by a difficult comparison in the fourth quarter reflecting the initial pandemic-driven surge in at-home food demand as well as the extra month of results in the Pet segment. On the bottom line, better-than-expected first-half adjusted operating profit margin results are now expected to be offset by higher input cost inflation and higher logistics costs in the second half. As a result, full-year fiscal 2021 adjusted operating profit margin is expected to be approximately in line with fiscal 2020 levels, consistent with the guidance the company outlined at the beginning of the year.
For earnings history and earnings-related data on General Mills (GIS) click here.
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