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Feb 26, 2023
General Mills Q3 2023 Earnings Report
General Mills experienced a strong third quarter in fiscal year 2023, marked by significant sales growth and strategic investments.
Key Takeaways
General Mills reported a 13% increase in net sales, reaching $5.1 billion, and a 16% rise in organic net sales. The company's diluted EPS was $0.92, while adjusted diluted EPS reached $0.97. They also raised the full-year fiscal 2023 outlook due to strong year-to-date performance.
Net sales increased 13 percent to $5.1 billion.
Organic net sales increased 16 percent.
Operating profit was $730 million, down 10 percent.
Diluted EPS was $0.92, down 15 percent.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
General Mills raised its outlook for fiscal year 2023, anticipating continued growth and profitability, though they still expect economic and supply chain factors to impact the performance.
Positive Outlook
- Organic net sales are now expected to increase 10 to 11 percent.
- Adjusted operating profit is now expected to increase 7 to 8 percent in constant currency.
- Adjusted diluted EPS is now expected to increase 8 to 9 percent in constant currency.
- Free cash flow conversion is still expected to be at least 90 percent of adjusted after-tax earnings.
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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