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Aug 27, 2023
General Mills Q1 2024 Earnings Report
Reported growth on the top and bottom lines amid an evolving external environment.
Key Takeaways
General Mills reported a 4 percent increase in net sales, reaching $4.9 billion, with organic net sales also growing by 4 percent. Diluted earnings per share (EPS) was $1.14, a 16 percent decrease, while adjusted diluted EPS was $1.09, a 1 percent decrease in constant currency. The company reaffirmed its full-year fiscal 2024 outlook.
Net sales increased 4 percent to $4.9 billion; organic net sales also grew 4 percent.
Operating profit was down 14 percent to $930 million; adjusted operating profit increased 2 percent in constant currency to $899 million.
Diluted EPS decreased 16 percent to $1.14; adjusted diluted EPS decreased 1 percent in constant currency to $1.09.
Company reaffirmed its full-year fiscal 2024 outlook.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
General Mills reaffirmed its full-year fiscal 2024 financial targets. Organic net sales are expected to increase 3 to 4 percent. Adjusted operating profit and adjusted diluted EPS are each expected to increase 4 to 6 percent in constant currency. Free cash flow conversion is expected to be at least 95 percent of adjusted after-tax earnings.
Positive Outlook
- Organic net sales are expected to increase 3 to 4 percent.
- Adjusted operating profit is expected to increase 4 to 6 percent in constant currency.
- Adjusted diluted EPS is expected to increase 4 to 6 percent in constant currency.
- Free cash flow conversion is expected to be at least 95 percent of adjusted after-tax earnings.
- The company expects to drive organic net sales growth in fiscal 2024 through strong marketing, innovation, in-store support, and net price realization.
Challenges Ahead
- The net impact of divestitures and foreign currency exchange is expected to reduce full-year reported net sales growth by approximately one half of one percent.
- Input cost inflation is expected to be approximately 5 percent of total cost of goods sold.
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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