General Mills, Inc. (NYSE: GIS) reported its second quarter 2024 earnings results today.
Net sales decreased 2% to $5.1 billion versus the same period a year ago. Organic net sales were down 2%.
Net earnings attributable to General Mills were $596 million, down 2% from last year. EPS rose 1% to $1.02. Adjusted EPS was $1.25, up 14% in constant currency.
Earnings beat estimates while revenue fell short of expectations.
The company updated its guidance for fiscal year 2024. Organic net sales are now expected to range between down 1% and flat, compared to the previous range of 3-4% growth. Adjusted EPS is now expected to increase 4-5% in constant currency, compared to the previous range of 4-6% growth in constant currency.
The stock fell over 1% in premarket hours on Wednesday.