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Feb 27, 2022
General Mills Q3 2022 Earnings Report
Reported fiscal third-quarter results and raised full-year outlook.
Key Takeaways
General Mills reported solid execution in a volatile environment, with net sales essentially matching year-ago results at $4.5 billion and organic net sales up 4 percent. The company raised its full-year fiscal 2022 outlook, expecting strong growth in the fourth quarter.
Net sales essentially matched year-ago results at $4.5 billion; organic net sales were up 4 percent.
Diluted earnings per share (EPS) of $1.08 increased 13 percent from the prior year; adjusted diluted EPS of $0.84 increased 2 percent in constant currency.
Operating profit declined 1 percent to $815 million; adjusted operating profit was down 6 percent in constant currency
Company raises full-year fiscal 2022 outlook
General Mills
General Mills
General Mills Revenue by Segment
General Mills Revenue by Geographic Location
Revenue by Segment
North America Retail Revenue
CapyFin.comNorth America Foodservice Revenue
CapyFin.comInternational Revenue
CapyFin.comRevenue by Geographic Location
International Revenue
CapyFin.com Forward Guidance
General Mills raised its guidance for fiscal 2022 to reflect year-to-date performance and an outlook for strong top- and bottom-line growth in the fourth quarter.
Positive Outlook
- Organic net sales are now expected to increase approximately 5 percent, including an expectation for organic net price realization and mix to increase sequentially from the third quarter to the fourth quarter.
- Constant-currency adjusted operating profit is now expected to range between down 2 percent and flat, reflecting the increased guidance on organic net sales.
- For the full year, the company continues to expect input cost inflation of 8 to 9 percent and significant costs related to supply chain disruptions.
- Constant-currency adjusted diluted EPS are now expected to range between flat and up 2 percent, driven by the higher outlook on adjusted operating profit.
- Free cash flow conversion is expected to be at least 95 percent of adjusted after-tax earnings.
Revenue & Expenses
Visualization of income flow from segment revenue to net income