Shares of General Mills, Inc. (NYSE: GIS) stayed green on Monday. The stock has dropped 17% over the past 12 months. The food company is scheduled to report its earnings results for the third quarter of 2024 on Wednesday, March 20, before markets open. Here’s a look at what to expect from the earnings report:
Revenue
Analysts are projecting revenue of $4.96 billion for the third quarter of 2024. This compares to net sales of $5.1 billion reported in the same period a year ago. In the second quarter of 2024, net sales decreased 2% year-over-year to $5.1 billion.
Earnings
The consensus estimate for EPS in Q3 2024 is $1.04, which compares to adjusted EPS of $0.97 reported in the year-ago quarter. In Q2 2024, adjusted EPS rose 14% to $1.25.
Points to note
In the second quarter of 2024, General Mills’ organic sales fell 2%, reflecting lower pound volume and tough year-ago comparisons. The company expects organic sales in the second half of 2024 to be roughly in line with Q2 results.
Last quarter, the Cheerios-owner saw organic sales decline in its North America Retail and Pet segments, while in the North America Foodservice and International segments, sales remained in line with the comparable year-ago period.
GIS expects organic sales growth in the North America Retail segment for the second half of the year to be in line with Q2 results, with a modest improvement in volume.
Organic sales in the Pet segment are expected to see a sequential slowdown in the second half of the year, mainly due to tough year-ago comparisons, which does not bode well for the third quarter of 2024. Pet parent mobility and value-seeking behaviors have been creating headwinds for this segment.
Meanwhile, organic sales growth in the Foodservice and International segments is expected to see a pickup during the latter half of the year, which could be a positive for Q3. The company has been seeing resilience in away-from-home demand.
General Mills’ efforts in driving growth through its Accelerate strategy are yielding positive results. The company continues to invest in building its brands, including nine of those which generate over $1 billion in sales. It is driving product innovation with new launches across cereal, snacking, and pet food. It is also investing in ecommerce, marketing and supply chain capabilities.
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