General Mills, Inc. (NYSE: GIS) reported first quarter 2024 earnings results today.
Net sales increased 4% to $4.9 billion compared to the same period a year ago, driven by favorable net price realization and mix. Organic net sales growth was also 4%.
Net earnings attributable to General Mills were $674 million, down 18% year-over-year. EPS fell 16% to $1.14. Adjusted EPS of $1.09 was down 1% in constant currency.
Both revenue and earnings beat expectations.
For fiscal year 2024, the company expects organic net sales to increase 3-4%. Adjusted EPS is expected to increase 4-6% in constant currency.
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