General Mills (GIS) Tops Q2 EPS by 9c

General Mills (NYSE: GIS) reported Q2 EPS of $1.06, $0.09 better than the analyst estimate of $0.97. Revenue for the quarter came in at $4.7 billion versus the consensus estimate of $4.64 billion.

Outlook

General Mills expects that the COVID-19 pandemic will drive continued elevated consumer demand for food at home, relative to pre-pandemic levels, through the remainder of fiscal 2021. Third-quarter demand trends are expected to be generally consistent with recent months, due to ongoing virus concerns in many markets around the world. Based on that assumption, the company expects to generate continued strong top- and bottom-line growth in the third quarter of fiscal 2021, with organic net sales growth roughly similar to the second quarter’s growth rate and an adjusted operating profit margin in line with the year-ago period.

Because the magnitude and duration of elevated at-home food demand remains highly uncertain, the company is not currently providing a full-year outlook for fiscal 2021 growth in organic net sales, adjusted operating profit, and adjusted diluted EPS. Due to first-half adjusted operating profit margin results that exceeded the company’s expectations, General Mills now expects its full-year fiscal 2021 adjusted operating profit margin will be in line or better than the previous year. The company previously expected its full-year adjusted operating profit margin to be approximately in line with fiscal 2020 levels.

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