General Mills, Inc. (NYSE: GIS) reported second quarter 2023 earnings results today.
Net sales increased 4% year-over-year to $5.2 billion. Organic net sales increased 11%.
Net earnings attributable to General Mills increased 1% to $606 million and EPS rose 4% to $1.01 compared to the year-ago quarter. Adjusted EPS of $1.10 was up 12% YoY.
Both revenue and adjusted EPS beat market expectations.
The company raised its outlook for fiscal year 2023. Organic net sales are now expected to increase 8-9%, compared to the previous expectation of 6-7% growth. Adjusted EPS is now expected to increase 4-6% in constant currency, compared to the previous range of up 2-5% in constant currency.
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