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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.
Revenue by Segment
Revenue by Geographic Location
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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