General Mills: better-than-expected quarterly results
March 20, 2024 at 10:01 am EDT
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General Mills reported better-than-expected quarterly results on Wednesday, thanks mainly to higher prices, an announcement that sent its share price jumping by more than 4% on Wall Street this morning.
The Minneapolis, Minnesota-based group, owner of the Géant Vert, Häagen-Dazs, Nature Valley and Old El Paso brands, reported net earnings of $670.1 million for the three months to the end of February, the third quarter of its fiscal year, compared with $553.1 million a year ago.
On a per-share basis, earnings came to $1.17, eight cents higher than the analysts' consensus of $1.09. The company's sales were up by more than 4% on the same date.
Group sales, however, fell by 1% in the quarter, to $5.1 billion, above the consensus target of $5 billion.
For the full 2023/2024 financial year, the Group is still targeting organic growth of between -1% and 0%, with an expected increase of 4% to 5% at constant exchange rates in both adjusted EPS and operating income.
At around 9:45 a.m. (New York time), the food group's share price was up over 4%, bringing its year-to-date gains to 7%, compared with an 8.5% rise for the S&P 500 over the period.
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General Mills, Inc. is one of the world's leaders in food groups. The group proposes cereal of breakfast, prepared meals, frozen vegetables, pizzas frozen, pasta ready for use, yoghurt, desserts, sauces, etc. notably under brands Cheerios, Pillsbury, Green Giant, Old El Paso, Progresso, Wheaties, Häagen-Dazs, Nature Valley, Betty Crocker and Wanchai Ferry. In addition, General Mills, Inc. sells pet food. The activity is organized around two markets:
- consumer distribution;
- catering and bakery: sale of products to restaurants, to bakeries, operators of vending machines and dishes as well as to cafeterias of schools and companies.
The United States account for 77.4% of net sales.
GENERAL MILLS, INC. 
