Categories Analysis, Consumer

What to expect when General Mills (GIS) reports its fourth quarter 2024 earnings results

The consensus estimate for EPS in Q4 2024 is $0.99

Shares of General Mills, Inc. (NYSE: GIS) stayed green on Tuesday. The stock has dropped 5% over the past one month. The processed foods company is scheduled to report its fourth quarter 2024 earnings results on Wednesday, June 26, before markets open. Here’s a look at what to expect from the earnings report:


Analysts are projecting revenue of $4.86 billion for the fourth quarter of 2024. This compares to net sales of $5 billion reported in the same period a year ago. In the third quarter of 2024, net sales dropped 1% year-over-year to $5.1 billion.


The consensus estimate for EPS in Q4 2024 is $0.99, which compares to adjusted EPS of $1.12 reported in Q4 2023. In Q3 2024, adjusted EPS increased 22% YoY in constant currency to $1.17.

Points to note

On its Q3 quarterly call, General Mills mentioned that it was facing a challenging operating environment as consumers continued to seek value, which affected the channels they shop and the size of their basket. In addition, harsh weather conditions in the US boosted sales of at-home food in the Retail segment while negatively impacting sales in the away-from-home Foodservice segment.

However, a moderation in inflation, reduction in supply chain disruptions, and a rise in US consumer confidence, bolstered by wage growth and a strong labor market, are expected to act as tailwinds. In such an environment, General Mills is focusing on implementing its Accelerate strategy, which focuses on brand-building, innovation, supply chain efficiency, and cost savings.

Last quarter, GIS’ sales benefited from favorable price realization and mix but were negatively impacted by lower pound volume. In the Retail segment, the company continued to invest in core seasonal brands such as Pillsbury, Betty Crocker, and Progresso. Pillsbury saw a 10% growth in sales, helped by these investments.  

General Mills is also making progress on its distribution efforts, with 90% of its priority brands growing their share of distribution in Q3. In the Pet segment, wet pet food has been seeing sales growth while pet treats and dry pet food have been seeing softness.

General Mills has acquired European pet food company Edgard & Cooper as part of its Accelerate strategy and this transaction will expand its pet food portfolio. Edgard & Cooper’s results will be consolidated into the International segment.

GIS is expected to benefit from its brand strength in Q4. The expansion of the pet food portfolio can be expected to bring additional growth to the business. The company expects input cost inflation to continue in the fourth quarter and it expects to tackle this through cost savings.

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