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Feb 25, 2024
General Mills Q3 2024 Earnings Report
General Mills' Q3 2024 earnings were released, revealing a mix of challenges and strategic progress.
Key Takeaways
General Mills reported a 1% decrease in net sales to $5.1 billion, with organic net sales also down 1%. However, the company saw a 25% increase in operating profit to $911 million and EPS of $1.17, up 27%. The company reaffirms its full-year fiscal 2024 outlook.
Net sales decreased by 1% to $5.1 billion, with organic net sales also down 1%.
Operating profit increased by 25% to $911 million, and adjusted operating profit rose by 14% in constant currency.
Diluted EPS increased by 27% to $1.17, with adjusted diluted EPS up 22% in constant currency.
The company reaffirms its full-year fiscal 2024 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 Pet Revenue
CapyFin.comNorth America Foodservice Revenue
CapyFin.comInternational Revenue
CapyFin.comRevenue by Geographic Location
International Revenue
CapyFin.com Forward Guidance
General Mills reaffirmed its full-year fiscal 2024 financial targets.
Positive Outlook
- Organic net sales are expected to range between down 1 percent and flat.
- Adjusted operating profit is expected to increase 4 to 5 percent in constant currency.
- Adjusted diluted EPS is expected to increase 4 to 5 percent in constant currency.
- Free cash flow conversion is expected to be at least 95 percent of adjusted after-tax earnings.
- The net impact of divestitures and foreign currency exchange is expected to have an immaterial impact on full-year reported net sales growth.
Challenges Ahead
- Economic health of consumers.
- Moderating rate of input cost inflation.
- Increasing stability of the supply chain environment.
- Changes in foreign currency exchange rates.
- Timing of acquisitions and divestitures.
Revenue & Expenses
Visualization of income flow from segment revenue to net income