General Mills (GIS) Tops Q1 EPS by 1c

General Mills (NYSE: GIS) reported Q1 EPS of $1.09, $0.01 better than the analyst estimate of $1.08. Revenue for the quarter came in at $4.9 billion versus the consensus estimate of $4.89 billion.

Based on the above assumptions, the company reaffirmed its full-year fiscal 2024 financial targets²:

• Organic net sales are expected to increase 3 to 4 percent.
• Adjusted operating profit and adjusted diluted EPS are each expected to increase 4 to 6 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 reduce full-year reported net sales growth by approximately one half of one percent, and foreign currency exchange is expected to have an immaterial impact on adjusted operating profit and adjusted diluted EPS growth.

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

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