NYSE$GIS
General Mills Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Reported growth on the top and bottom lines amid an evolving external environment.
General Mills reported a 4 percent increase in net sales, reaching $4.9 billion, with organic net sales also growing by 4 percent. Diluted earnings per share (EPS) was $1.14, a 16 percent decrease, while adjusted diluted EPS was $1.09, a 1 percent decrease in constant currency. The company reaffirmed its full-year fiscal 2024 outlook.
- Net sales increased 4 percent to $4.9 billion; organic net sales also grew 4 percent.
- Operating profit was down 14 percent to $930 million; adjusted operating profit increased 2 percent in constant currency to $899 million.
- Diluted EPS decreased 16 percent to $1.14; adjusted diluted EPS decreased 1 percent in constant currency to $1.09.
- Company reaffirmed its full-year fiscal 2024 outlook.
Headline financials
Revenue & EPS history
General Mills · Revenue · Quarterly
$4.9B
Revenue by segment
General Mills · $4.32B total across 3 segments · Q1 2024
- N.A. Retail$3.07B+2.8%71.1%
- International$716M+9.7%16.6%
- N.A. Foodservice$536M+8.0%12.4%
Forward guidance
General Mills reaffirmed its full-year fiscal 2024 financial targets. 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.
Tailwinds
- Organic net sales are expected to increase 3 to 4 percent.
- Adjusted operating profit is expected to increase 4 to 6 percent in constant currency.
- Adjusted diluted EPS is 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 company expects to drive organic net sales growth in fiscal 2024 through strong marketing, innovation, in-store support, and net price realization.
Headwinds
- 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.
- Input cost inflation is expected to be approximately 5 percent of total cost of goods sold.
- Economic health of consumers.
- Moderating rate of input cost inflation.
- Increasing stability of the supply chain environment.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2024
-0.2%
Avg return
Earnings day
-0.7%
Avg return
5 days after
-0.6%
Avg return
30 days after
42%
30 / 72 earnings
Positive
+8.5%
Q4 2016
Best reaction
-11.0%
Q3 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | — | — | — | |
| Q3 2026 | +0.0% | -3.6% | -8.4% | |
| Q2 2026 | +2.9% | +0.8% | -5.3% | |
| Q1 2026 | -0.9% | +1.0% | -2.4% | |
| Q4 2025 | -1.2% | -1.7% | -3.9% | |
| Q3 2025 | -2.1% | -3.8% | -4.8% | |
| Q2 2025 | -2.9% | -3.6% | -9.6% | |
| Q1 2025 | +0.5% | -0.4% | -6.1% | |
| Q4 2024 | -5.3% | -5.9% | -1.4% | |
| Q3 2024 | +0.2% | +0.7% | +2.6% | |
| Q2 2024 | -3.7% | -3.3% | -5.3% | |
| Q1 2024 | -0.6% | -1.7% | -4.0% | |
| Q4 2023 | -5.7% | -4.7% | -6.7% | |
| Q3 2023 | +6.2% | +6.1% | +9.5% | |
| Q2 2023 | -2.0% | -2.0% | -11.1% | |
| Q1 2023 | +7.1% | +4.3% | +2.2% | |
| Q4 2022 | +7.4% | +7.9% | +6.4% | |
| Q3 2022 | +5.9% | +6.7% | +15.7% | |
| Q2 2022 | -3.1% | -2.7% | +1.0% | |
| Q1 2022 | +3.9% | +2.8% | +8.1% | |
| Q4 2021 | +0.3% | +0.3% | -1.9% | |
| Q3 2021 | -2.7% | +2.1% | +0.1% | |
| Q2 2021 | +0.8% | -0.5% | -4.5% | |
| Q1 2021 | +1.2% | +3.3% | +6.5% | |
| Q4 2020 | -0.3% | +0.9% | +2.6% | |
| Q3 2020 | -10.0% | -20.8% | +1.7% | |
| Q2 2020 | +2.0% | +1.1% | +3.2% | |
| Q1 2020 | -1.2% | -2.1% | -4.5% | |
| Q4 2019 | -2.8% | -0.7% | -0.1% | |
| Q3 2019 | +5.9% | +8.1% | +9.5% | |
| Q2 2019 | +6.5% | +2.4% | +18.4% | |
| Q1 2019 | -7.3% | -6.9% | -8.6% | |
| Q4 2018 | -3.0% | -5.7% | -2.3% | |
| Q3 2018 | -11.0% | -9.3% | -13.1% | |
| Q2 2018 | +3.3% | +4.3% | +2.6% | |
| Q1 2018 | -6.7% | -5.6% | -6.1% | |
| Q4 2017 | -1.0% | -0.6% | -0.3% | |
| Q3 2017 | -2.2% | -1.8% | -3.9% | |
| Q2 2017 | -1.1% | -1.4% | -2.2% | |
| Q1 2017 | +0.6% | -1.2% | -6.2% | |
| Q4 2016 | +8.5% | +9.4% | +9.3% | |
| Q3 2016 | +0.9% | — | — | |
| Q2 2016 | -3.8% | — | — | |
| Q1 2016 | +1.1% | — | — | |
| Q4 2015 | +2.4% | — | — | |
| Q3 2015 | +0.9% | — | — | |
| Q2 2015 | +4.7% | — | — | |
| Q1 2015 | -3.7% | — | — | |
| Q4 2014 | -3.1% | — | — | |
| Q3 2014 | +0.7% | — | — | |
| Q2 2014 | -0.4% | — | — | |
| Q1 2014 | -1.9% | — | — | |
| Q4 2013 | +0.0% | — | — | |
| Q3 2013 | +3.1% | — | — | |
| Q2 2013 | -0.5% | — | — | |
| Q1 2013 | +2.9% | — | — | |
| Q4 2012 | -0.9% | — | — | |
| Q3 2012 | -0.4% | — | — | |
| Q2 2012 | +1.4% | — | — | |
| Q1 2012 | +5.4% | — | — | |
| Q4 2011 | -0.4% | — | — | |
| Q3 2011 | -1.0% | — | — | |
| Q2 2011 | -0.8% | — | — | |
| Q1 2011 | +1.3% | — | — | |
| Q4 2008 | -1.4% | — | — | |
| Q4 2010 | -1.4% | — | — | |
| Q3 2009 | -3.3% | — | — | |
| Q3 2010 | -3.3% | — | — | |
| Q2 2010 | +0.8% | — | — | |
| Q1 2010 | -0.8% | — | — | |
| Q4 2009 | -0.8% | — | — | |
| Q1 2009 | -0.8% | — | — | |
| Q2 2009 | -0.8% | — | — |
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