General Mills Boosts FY23 Outlook As Q2 Results Top Estimates

RTTNews | 932 days ago
General Mills Boosts FY23 Outlook As Q2 Results Top Estimates

(RTTNews) - Branded food company General Mills, Inc. (GIS) reported Tuesday a profit for the second quarter that edged up 1 percent from last year, driven by improved gross margins and 4 percent net sales growth.

Both adjusted earnings per share and net sales topped analysts' estimates. The company also raised its adjusted earnings and organic net sales growth guidance for the full-year 2023, based on strong first-half results and positive momentum on its business.

"Amid ongoing volatility in the operating environment, we remain focused on driving our Accelerate strategy by investing in brand building and innovation, strengthening our capabilities, and continuing to reshape our portfolio," said Jeff Harmening, Chairman and CEO.

For the second quarter, net earnings attributable to General Mills increased to $605.9 million or $1.01 per share from $597.2 million or $0.97 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $1.10 per share, compared to $0.99 per share in the year-ago quarter.

On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $1.06 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter increased 4 percent to $5.22 billion from $5.02 billion in the same quarter last year. Analysts expected revenues of $5.19 billion for the quarter.

Organic net sales increased 11 percent, driven by positive organic net price realization and mix, partially offset by lower organic pound volume.

Net sales for the North America Retail segment were up 11 percent to $3.37 billion, net sales for the Pet segment were flat at $592.9 million and net sales for the North America Foodservice segment increased 24 percent to $583.0 million, while International net sales declined 27 percent to $671.7 million from last year.

Gross margin was up 20 basis points to 32.7 percent of net sales, driven by favorable net price realization and mix, partially offset by higher input costs and unfavorable mark-to-market effects.

Looking ahead to fiscal 2022, the company now projects constant-currency adjusted earnings per share to grow 4 to 6 percent, compared to the previous range of up 2 to 5 percent and organic net sales growth of 8 to 9 percent, , compared to the previous expectation of 6 to 7 percent growth.

The Street is currently looking for earnings of $4.11 per share on revenues of $19.58 billion for the full-year 2022.

Further, the company said the net impact of divestitures, acquisitions, and foreign currency exchange is now expected to reduce full-year reported net sales growth by approximately 4.5 percent, and foreign currency exchange is still expected to reduce adjusted earnings per share growth by approximately 1 percent.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

read more
General Mills Q4 Adj. Profit Beats Market, Sales Miss; Warns On FY26 Earnings; Stock Down

General Mills Q4 Adj. Profit Beats Market, Sales Miss; Warns On FY26 Earnings; Stock Down

General Mills, Inc. on Wednesday reported that its fourth-quarter earnings were hurt by lower net sales. However, adjusted earnings beat market estimates, while top line missed their view. Further, the branded food company issued fiscal 2026 adjusted earnings outlook, expecting year-over-year decline. General Mills added that its top priority in the new year is to restore volume-driven organic...
RTTNews | 14 days ago
General Mills Cuts FY25 View Despite Q2 Above Market; Stock Drops

General Mills Cuts FY25 View Despite Q2 Above Market; Stock Drops

Shares of General Mills, Inc. were losing around 6 percent in the pre-market activity on the NYSE after the branded food company on Wednesday trimmed its fiscal 2025 earnings view, and said it sees net sales at the lower end of estimate range, citing increased promotional investment. This was despite reporting higher second-quarter profit and revenues, above market estimates.
RTTNews | 203 days ago
General Mills Reaffirms FY24 Outlook - Update

General Mills Reaffirms FY24 Outlook - Update

While reporting financial results for the first quarter on Wednesday, branded food company General Mills, Inc. (GIS) reaffirmed its adjusted earnings growth and organic net sales growth outlook for the full-year 2024.
RTTNews | 659 days ago
Bank Of Korea Keeps Rates Steady

Bank Of Korea Keeps Rates Steady

The Bank of Korea maintained its interest rate on Thursday as rising house prices and household debt pose risks to the financial stability amid escalating trade tensions weighing on economic growth outlook. The Monetary Policy Board decided to leave the Base Rate unchanged at 2.50 percent. The bank had previously reduced the benchmark rate by a quarter-point each in May and February.
RTTNews | 1h 10min ago
European Shares Set To Open Higher Despite Rising Trade Tensions

European Shares Set To Open Higher Despite Rising Trade Tensions

European stocks may open mostly higher on Thursday despite U.S. President Donald Trump escalating his tariff campaign, sending letters to six additional countries—Algeria, Iraq, Libya, Brunei, Moldova, and the Philippines—with fresh import duties ranging from 20-30 percent.
RTTNews | 2h 6min ago
European Economic News Preview: Germany Final Inflation Data Due

European Economic News Preview: Germany Final Inflation Data Due

Final inflation from Germany and industrial output from Italy are the top economic news due on Thursday. At 2.00 am ET, Destatis is scheduled to release Germany's final inflation data for June. Flash inflation showed that consumer price inflation eased to 2.0 percent from 2.1 percent in May.
RTTNews | 2h 26min ago
Sensex, Nifty Subdued On Trade Jitters

Sensex, Nifty Subdued On Trade Jitters

Indian shares were subdued on Thursday as U.S. President Donald Trump escalated his tariff campaign, sending letters targeting six additional countries—Algeria, Iraq, Libya, Brunei, Moldova, and the Philippines—with fresh import duties ranging from 20-30 percent.
RTTNews | 3h 18min ago