General Mills Reports Fiscal 2023 Second-quarter Results and Raises Full-year Outlook
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General Mills (GIS) slides despite topping consensus estimates
December 20, 2022 11:44 AM ESTGeneral Mills (NYSE: GIS) shares fell Tuesday, currently down more than 4% after it reported its fiscal second quarter results, topping analyst expectations.
The food producer posted earnings of $1.10 per share, $0.04 better than the analyst estimate of $1.06, while revenue for the quarter came in at $5.2 billion versus the consensus estimate of $5.18 billion.
The company's net sales increased 4% to $5.2 billion, including a 5-point headwind from net divestiture and acquisition activity and 1 point of unfavorable foreign currency exchange. Gross margin rose by 20 basis points to 32.7% of net sales, driven by favorable net price... More
General Mills (GIS) Tops Q2 EPS by 4c; Raises Outlook
December 20, 2022 7:02 AM ESTGeneral Mills (NYSE: GIS) reported Q2 EPS of $1.10, $0.04 better than the analyst estimate of $1.06. Revenue for the quarter came in at $5.2 billion versus the consensus estimate of $5.18 billion.
GUIDANCE:
Fiscal 2023 Outlook
General Mills continues to expect the largest factors impacting its performance in fiscal 2023 will be the economic health of consumers, the inflationary cost environment, and the frequency and severity of disruptions in the supply chain. Relative to its previous outlook, the company now expects to generate stronger organic net sales growth through better volume... More
