General Mills (GIS) Tops Q3 EPS by 1c
General Mills (NYSE: GIS) reported Q3 EPS of $0.77, $0.01 better than the analyst estimate of $0.76. Revenue for the quarter came in at $4.2 billion versus the consensus estimate of $4.21 billion.
- Net sales of $4.2 billion were flat to last year; organic net sales¹ were also flat. Through nine months, net sales were down 1 percent and organic net sales were flat to last year.
- Operating profit of $651 million essentially matched year-ago results; constant-currency adjusted operating profit was down 8 percent, including a strong increase in media investment. Through nine months, operating profit was up 18 percent and constant-currency adjusted operating profit increased 2 percent.
- Diluted earnings per share (EPS) of $0.74 were flat to last year; adjusted diluted EPS of $0.77 were down 6 percent in constant currency. Through nine months, diluted EPS were up 30 percent and constant-currency adjusted diluted EPS increased 5 percent.
“We began fiscal 2020 with three key priorities: accelerate our organic sales growth, maintain our strong margins, and reduce our leverage,” said General Mills Chairman and Chief Executive Officer Jeff Harmening. “Our focus and execution in a dynamic environment this year have kept us on track to achieve those goals. Our third-quarter results were broadly in line with our expectations, except for the negative impact in Asia of the COVID-19 virus outbreak.
“During the rapidly evolving situation related to COVID-19, our number one objective continues to be the health and safety of our consumers, employees, and other stakeholders. General Mills plays a critical role in making food to meet the needs of our consumers, and I’m proud of the way we’ve partnered with our retail customers in recent weeks to service consumers’ increased demand for food at home during this unique time. Looking forward, we’ll remain agile to adapt to changing demand patterns around the world as circumstances with COVID-19 continue to develop.”
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