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May 29, 2022
General Mills Q4 2022 Earnings Report
General Mills reported Q4 2022 earnings with increased net sales and EPS.
Key Takeaways
General Mills reported an 8% increase in net sales to $4.9 billion and a 98% increase in diluted EPS to $1.35 for the fourth quarter of fiscal year 2022. Organic net sales increased by 13%. The company's board also approved a 6% increase in the quarterly dividend.
Net sales increased 8 percent to $4.9 billion; organic net sales increased 13 percent.
Operating profit increased 85 percent to $1.0 billion.
Diluted EPS of $1.35 increased 98 percent.
Board approved a six percent dividend increase.
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 expects organic net sales to increase 4 to 5 percent and adjusted diluted EPS to range between flat and up 3 percent in constant currency for fiscal year 2023.
Positive Outlook
- Organic net sales are expected to increase 4 to 5 percent.
- Company is planning for volume elasticities to increase but remain below historical levels
- Supply chain disruptions to slowly moderate in fiscal 2023 compared to fiscal 2022 levels
- Net proceeds from the divestitures will support an increased share repurchase plan in fiscal 2023
- Company expects the net proceeds from the divestitures will support an increased share repurchase plan in fiscal 2023, resulting in a 2 to 3 percent net reduction in its average diluted share count for the year
Challenges Ahead
- Economic health of consumers may impact performance
- Inflationary cost environment may impact performance
- Frequency and severity of disruptions in the supply chain may impact performance
- Adjusted operating profit is expected to range between down 2 percent and up 1 percent in constant currency
- Adjusted diluted EPS are expected to range between flat and up 3 percent in constant currency
Revenue & Expenses
Visualization of income flow from segment revenue to net income