General Mills (NYSE: GIS) reported Q1 EPS of $0.71, $0.07 better than the analyst estimate of $0.64. Revenue for the quarter came in at $4.1 billion versus the consensus estimate of $4.12 billion.

Guidance:

General Mills reaffirmed its key 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.
• Constant-currency adjusted operating profit is expected to increase 6 to 9 percent from the base of $2.6 billion reported in fiscal 2018. The fiscal 2018 base has been updated to reflect the new presentation of benefit plan non-service income (please see Note 1 below for more information).
• 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.

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