General Mills, Inc. (NYSE: GIS) reported third quarter 2023 earnings results today.
Net sales increased 13% year-over-year to $5.1 billion. Organic sales increased 16%.
Net earnings attributable to General Mills declined 16% to $553 million and EPS was down 15% to $0.92 compared to last year. Adjusted EPS of $0.97 increased 17% in constant currency.
The company is raising its outlook for FY2023 and now expects organic net sales to increase 10-11%, compared to the previous expectation of approx. 10% growth. Adjusted EPS is now expected to increase 8-9% in constant currency, compared to the previous range of up 7-8%.