General Mills (GIS) Misses Q1 EPS by 6c

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.

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