General Mills, Inc. (NYSE:GIS) reported second quarter 2021 earnings results today.
Net sales rose 7% year-over-year to $4.7 billion, reflecting market share gains from at-home food demand. Organic net sales grew 7%.
Net earnings attributable to General Mills increased 19% to $688 million while EPS rose 17% to $1.11, mainly due to higher operating profit, lower net interest expense, and higher after-tax earnings from joint ventures. Adjusted EPS amounted to $1.06.
General Mills expects the COVID-19 pandemic to drive continued demand for food at home and the demand trends in the third quarter are expected to remain consistent with recent months. Based on this assumption, the company estimates organic sales growth for the third quarter to be similar to that of the second quarter. Adjusted operating profit margin for Q3 is expected to be in line with the same period a year ago.