General Mills (GIS) Tops Q3 EPS by 5c

General Mills (NYSE: GIS) reported Q3 EPS of $0.84, $0.05 better than the analyst estimate of $0.79. Revenue for the quarter came in at $4.5 billion versus the consensus estimate of $4.56 billion.

Fiscal 2022 Outlook:

• General Mills raised its guidance for fiscal 2022 to reflect year-to-date performance and an outlook for strong top- and bottom-line growth in the fourth quarter. The company’s updated full-year fiscal 2022 financial targets are summarized below:
• Organic net sales are now expected to increase approximately 5 percent, including an expectation for organic net price realization and mix to increase sequentially from the third quarter to the fourth quarter. Full-year organic net sales were previously expected to increase 4 to 5 percent.
• Constant-currency adjusted operating profit is now expected to range between down 2 percent and flat, reflecting the increased guidance on organic net sales. For the full year, the company continues to expect input cost inflation of 8 to 9 percent and significant costs related to supply chain disruptions. Adjusted operating profit was previously expected to decline 4 to 1 percent.
• Constant-currency adjusted diluted EPS are now expected to range between flat and up 2 percent, driven by the higher outlook on adjusted operating profit. Adjusted diluted EPS were previously expected to range between down 2 percent and up 1 percent.
• Free cash flow conversion is expected to be at least 95 percent of adjusted after-tax earnings.
• The net impact of divestitures, acquisitions, and foreign currency exchange is expected to reduce full-year reported net sales growth by approximately 1 percent, and foreign currency exchange is not expected to have a material impact on adjusted operating profit growth or adjusted diluted EPS growth.

For earnings history and earnings-related data on General Mills (GIS) click here.

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