General Mills (GIS) Tops Q2 EPS by 10c

General Mills (NYSE: GIS) reported Q2 EPS of $1.25, $0.10 better than the analyst estimate of $1.15. Revenue for the quarter came in at $5.14 billion versus the consensus estimate of $5.37 billion.

Outlook:

Organic net sales are now expected to range between down 1 percent and flat, compared to the previous range of 3 to 4 percent growth, reflecting a slower volume recovery in fiscal 2024.
Adjusted operating profit and adjusted diluted EPS are now expected to increase 4 to 5 percent in constant currency, compared to the previous range of 4 to 6 percent growth in constant currency, reflecting the impact of lower organic sales growth, largely offset by higher HMM cost savings and greater elimination of disruption-related costs in the supply chain.
Free cash flow conversion is still expected to be at least 95 percent of adjusted after-tax earnings.
The net impact of divestitures and foreign currency exchange is now expected to have an immaterial impact on full-year reported net sales growth, and foreign currency exchange is still expected to have an immaterial impact on adjusted operating profit and adjusted diluted EPS growth.

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

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