General Mills (GIS) Tops Q3 EPS by 12c

General Mills (NYSE: GIS) reported Q3 EPS of $1.17, $0.12 better than the analyst estimate of $1.05. Revenue for the quarter came in at $5.1 billion versus the consensus estimate of $4.96 billion.

Fiscal 2024 Outlook:

General Mills continues to expect the largest factors impacting its performance in fiscal 2024 will be the economic health of consumers, the moderating rate of input cost inflation, and the increasing stability of the supply chain environment. Based on its current outlook on these and other key factors, the company reaffirmed its full-year fiscal 2024 financial targets²:

• Organic net sales are expected to range between down 1 percent and flat.
• Adjusted operating profit and adjusted diluted EPS are each expected to increase 4 to 5 percent in constant currency.
• Free cash flow conversion is expected to be at least 95 percent of adjusted after-tax earnings.
• The net impact of divestitures and foreign currency exchange is expected to have an immaterial impact on full-year reported net sales growth, and foreign currency exchange is 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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