General Mills (NYSE: GIS) reported Q1 EPS of $0.71, $0.06 worse than the analyst estimate of $0.77. Revenue for the quarter came in at $3.77 billion versus the consensus estimate of $3.79 billion.

Harmening said, "We're encouraged by the improvement we saw in first-quarter retail sales trends, and we're confident that improved momentum will translate into stronger organic net sales results in the rest of the year, beginning in the second quarter. Importantly, we remain on track to deliver our fiscal 2018 goals in a challenging and dynamic environment."

General Mills reiterated its key full-year fiscal 2018 targets:

• Organic net sales are expected to decline 1 to 2 percent, an improvement of 200 to 300 basis points over fiscal 2017 results.
• Constant-currency total segment operating profit is expected to be in a range between flat and up 1 percent.
• Adjusted operating profit margin is expected to be above year-ago levels.
• Constant-currency adjusted diluted EPS is expected to increase 1 to 2 percent from the base of $3.08 earned in fiscal 2017. The company now estimates currency translation will be a 1 cent benefit to full-year fiscal 2018 adjusted diluted EPS.

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

Earnings Guidance Hot Earnings Management Comments

General Mills (GIS) PT Lowered to $57 at BMO Capital on 1Q Report; 'Significant Contraction in Operating Profit, Poor Earnings Quality'September 21, 2017 12:52 PM General Mills (GIS) PT Lowered to $55 at UBS on 1Q Report; 'Ongoing Volume Declines & Pricing Pressures Weigh on Growth Outlook'September 21, 2017 9:41 AM General Mills (GIS) PT Lowered to $52 at Morgan Stanley Following 1Q MissSeptember 21, 2017 9:08 AM General Mills (GIS) PT Lowered to $56 at Susquehanna Following 1Q Release September 20, 2017 2:17 PM General Mills Reports Fiscal 2018 First-Quarter ResultsSeptember 20, 2017 7:00 AM General Mills (GIS) call put ratio 1 call to 1.96 puts into Q1September 19, 2017 11:01 AM Susquehanna Remains Sidelined on General Mills (GIS) Ahead of 1Q Release September 19, 2017 7:54 AM