Cheerios-maker General Mills (GIS) announced its third-quarter 2019 earnings before the markets opened on March 20.
Net sales jumped 8% to $4.20 billion in the quarter, On a constant-currency basis, net sales rose 10% driven by the addition of Blue Buffalo. Organic net sales inched 1% higher on positive net price realization and mix, partially offset by lower contributions from volume.
Due to the absence of benefits from the Tax Cuts and Jobs Act (TCJA) this time around, quarterly net attributable earnings dipped more than 52% to $447 million or 74 cents-a-diluted-share.
General Mills is the global retail food giant that owns brands such as Cheerios, Annie’s, Yoplait, Nature Valley, Häagen-Dazs, Betty Crocker, Pillsbury, Old El Paso, Wanchai Ferry, Yoki, and Blue.
“Our year-to-date performance and fourth-quarter plans give us confidence that we will meet or exceed all of our key fiscal 2019 targets. For the full year, we now expect adjusted diluted EPS and free cash flow conversion will exceed our initial targets, net sales will finish toward the lower end of our guidance range, and adjusted operating profit will finish toward the higher end of the range,” said General Mills CEO and Chairman Jeff Harmening
BETTER EARNINGS EXPECTED IN FY 2019
“For the fourth quarter of fiscal 2019, General Mills expects Blue Buffalo’s net sales and segment operating profit growth will accelerate meaningfully, driven by significant distribution expansion in the FDM channel,” the food giant said in a statement.
Back in February at the Consumer Analyst Group of New York (CAGNY) investor conference, General Mills reaffirmed its financial outlook for fiscal 2019. However, it revised some of the outlook as it posted third-quarter results.
The company now expects full-year organic net sales to remain flat or inch up 1%. Including the impact of the Blue Buffalo acquisition, net sales are now seen to jump 9-10% on a constant-currency basis.
Constant-currency adjusted operating profit is expected to rise 6-9% — closer to the upper end, while constant-currency adjusted diluted EPS is estimated to be flat to up 1%.
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