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Aug 28, 2022
General Mills Q1 2023 Earnings Report
Reported strong first-quarter results for fiscal year 2023, driven by organic net sales growth and effective cost management, leading to an increased full-year outlook.
Key Takeaways
General Mills reported a 4% increase in net sales to $4.7 billion, with organic net sales up 10%. Operating profit increased by 29% to $1.1 billion, and diluted EPS rose by 32% to $1.35. The company raised its full-year fiscal 2023 outlook, citing strong first-quarter results and confidence in adapting to continued volatility.
Net sales increased 4% to $4.7 billion, with organic net sales up 10%.
Operating profit increased 29% to $1.1 billion.
Diluted earnings per share (EPS) increased 32% to $1.35.
The company raised its full-year fiscal 2023 outlook for net sales, operating profit, and EPS growth.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
General Mills updated full-year fiscal 2023 financial targets include organic net sales are now expected to increase 6 to 7 percent, Constant-currency adjusted operating profit is now expected to range between flat and up 3 percent in constant currency, Constant-currency adjusted diluted EPS is now expected to increase 2 to 5 percent in constant currency and Free cash flow conversion is still expected to be at least 90 percent of adjusted after-tax earnings.
Positive Outlook
- Organic net sales are now expected to increase 6 to 7 percent.
- Constant-currency adjusted operating profit is now expected to range between flat and up 3 percent in constant currency.
- Constant-currency adjusted diluted EPS is now expected to increase 2 to 5 percent in constant currency.
- Free cash flow conversion is still expected to be at least 90 percent of adjusted after-tax earnings.
- Company expects lower volume elasticities and better volume performance.
Challenges Ahead
- Net impact of divestitures, acquisitions, and foreign currency exchange is now expected to reduce full-year reported net sales growth by approximately 4 percent.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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