— General Mills (NYSE: GIS) reported adjusted earnings of $0.95 per share for the second quarter of 2020, vs. $0.88 per share expected.
— Net earnings attributable to the company surged to $581 million or $0.95 per share from $343 million or $0.57 per share last year
— At $4.4 billion, net sales were unchanged from last year, vs. $4.43 billion expected; organic net sales increased 1%
— Gross margin rose by 130 basis points to 35.5%; adjusted gross margin moved up 80 basis points
— Expects full-year 2020 organic net sales to grow in the 1-2% range; sees adjusted operating profit rising between 2% and 4%
— Expects adjusted earnings to increase in the range of 3% to 5%; looking for free cash flow conversion of at least 105% of adjusted after-tax earnings
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