General Mills (GIS) Tops Q2 EPS by 18c, Beats on Revenue; Offers FY25 Guidance

General Mills (NYSE: GIS) reported Q2 EPS of $1.40, $0.18 better than the analyst estimate of $1.22. Revenue for the quarter came in at $5.2 billion versus the consensus estimate of $5.14 billion.

Based on the above assumptions, the company updated its full-year fiscal 2025 financial targets²:

• Organic net sales are still expected to range between flat and up 1 percent, with the company now targeting the lower end of the range due to increased promotional investment. Organic net sales results in the second half are expected to include a 1-point headwind from the reversal of timing-related benefits in the second quarter.
• Adjusted operating profit is now expected to range between down 4 percent and down 2 percent in constant currency, compared to the previous range of between down 2 percent and flat in constant currency, reflecting higher investment levels. Adjusted operating profit results in the second half are expected to include a 3-point headwind from the reversal of timing-related benefits in the second quarter, a 3-point headwind from incremental growth investments, and a 2-point headwind from a partial reset of incentive compensation.
• Adjusted diluted EPS is now expected to range between down 3 percent and down 1 percent in constant currency, compared to the previous range of between down 1 percent and up 1 percent in constant currency.
• Free cash flow conversion is still expected to be at least 95 percent of adjusted after-tax earnings.

These targets do not reflect an impact from the proposed North American Yogurt divestitures nor the acquisition of Whitebridge Pet Brands’ North American portfolio. The company expects to incorporate these transactions into its outlook after they are closed.

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

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