General Mills Inc

Latest Results (20.08.2024):

Net Sales Decline

In the fiscal fourth quarter of 2024, General Mills Inc. reported net sales of $4.7 billion, marking a 6 percent decrease compared to the same period last year. This decline was attributed to unfavorable net price realization and mix, as well as lower pound volume. The company also faced a 3-point headwind from a comparison against favorable trade expense timing in the prior year.

Operating Profit

General Mills Inc.'s operating profit for the fiscal fourth quarter of 2024 was $779 million, down 5 percent from the previous year. The decrease was primarily driven by intangible asset impairments and lower gross profit dollars, partially offset by lower selling, general, and administrative (SG&A) expenses and lower restructuring charges. Adjusted operating profit was $800 million, down 10 percent in constant currency.

Earnings Per Share

For the fiscal fourth quarter of 2024, General Mills Inc. reported diluted earnings per share (EPS) of $0.98, a 5 percent decrease from the previous year. Adjusted diluted EPS was $1.01, down 10 percent in constant currency. The decline in EPS was mainly due to lower operating profit, higher net interest expense, and a higher effective tax rate.

Full Year Performance

For the full fiscal year 2024, General Mills Inc. reported net sales of $19.9 billion, a 1 percent decrease from the prior year. Operating profit for the year was $3.4 billion, essentially matching the previous year's results. Adjusted operating profit was $3.6 billion, up 4 percent in constant currency, driven by lower compensation and benefits expenses and higher adjusted gross profit dollars.

Fiscal 2025 Outlook

Looking ahead to fiscal 2025, General Mills Inc. aims to accelerate its organic net sales growth, particularly focusing on volume growth. The company plans to drive another year of strong Holistic Margin Management (HMM) cost savings, allowing for reinvestment in growth initiatives that meet evolving consumer needs. CEO Jeff Harmening expressed confidence in the company's ability to capitalize on new opportunities and deliver for both consumers and shareholders.