2024

Billion

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<p class="has-drop-cap">General Mills, Inc. (NYSE: GIS) has recently divulged its <a href="https://investors.generalmills.com/press-releases/press-release-details/2024/General-Mills-Reports-Fiscal-2024-Third-quarter-Results/default.aspx" target="_blank" aria-label="fiscal 2024 third-quarter results (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">fiscal 2024 third-quarter results</a>, reflecting a mixed bag of financial health. Amidst an increasingly challenging market landscape, this report provides a deep dive into the company’s quarterly performance, expectations analysis, and forward-looking guidance.</p>
<h3 id="general-mills-reports-1-drop-in-net-sales-clocking-in-at-5-1-billion">General Mills Reports 1% Drop in Net Sales, Clocking in at $5.1 Billion</h3>
<p>In the recently concluded quarter, General Mills reported a slight decrease in net sales, clocking in at $5.1 billion, a 1% drop compared to the previous year. <br><br>This marginal decline was attributed to a decrease in pound volume, somewhat counterbalanced by favorable net price realization and mix. On a brighter note, the company witnessed a significant uptick in its operating profit, which surged by 25% to reach $911 million, primarily driven by lower compensation and benefits expenses alongside higher gross profit dollars and product recall recoveries. <br><br>Diluted earnings per share (EPS) increased by 27% to $1.17, bolstered by higher operating profit and lower net shares outstanding, albeit partially offset by a slight uptick in net interest expense and a higher effective tax rate.</p>
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<h3 id="general-mills-reports-1-17-eps-in-fiscal-q3-beats-expected-1-05">General Mills Reports $1.17 EPS in Fiscal Q3, Beats Expected $1.05</h3>
<p>The expectations for General Mills in the fiscal third quarter were set at an EPS of $1.05 and revenue of $4.96 billion. The company surpassed these projections with an actual <a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="noopener noreferrer nofollow" class="deco-link">EPS</a> of $1.17 and revenues of $5.1 billion, indicating a resilient performance amidst operational challenges. This outperformance demonstrates General Mills’ strategic prowess in navigating the evolving market dynamics, achieving notable gains in operating profit and EPS against the backdrop of a slight revenue slip.</p>
<h3 id="general-mills-expects-net-sales-to-stay-flat-or-decline-1">General Mills Expects Net Sales to Stay Flat or Decline 1%</h3>
<p>General Mills remains cautiously optimistic, reaffirming its full-year fiscal 2024 outlook. The company’s guidance anticipates organic net sales to range between a 1% decline and flat, with adjusted operating profit and adjusted diluted EPS each expected to witness a 4 to 5% increase in constant currency. <br><br>The fiscal 2024 third-quarter outcomes reflect General Mills’ adeptness at navigating a complex operating environment. Despite the slight dip in net sales, the company’s robust increase in operating profit and EPS highlights its operational efficiency and strategic insight.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/general-mills-gis-exceeds-expectations-with-5-1-billion-in-q3-revenue/">General Mills (GIS) Exceeds Expectations with $5.1 Billion in Q3 Revenue</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

General Mills (GIS) Exceeds Expectations with $5.1 Billion in Q3 Revenue

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