General Mills, Inc. (GIS) posted first-quarter fiscal 2025 results, wherein the top and bottom lines came ahead of the Zacks Consensus Estimate, while both metrics declined year over year. Results were hurt by the adverse net price realization and mix.General Mills’ primary focus for fiscal 2025 is on fueling organic net sales growth, and the company progressed well toward that goal in the first quarter. GIS solidified its core by providing consumers with more exceptional experiences, resulting in improved ...

| --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|--------------------------------------------|-------| | | | | | | | | | | | | | | | | | | | | | | Fiscal 2025 Q1 Earnings September 18, 2024 | | | | | | | | | | General Mills First-quarter Fiscal 2025 1 A Reminder on Forward-looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations an ...

Financial Data and Key Metrics Changes - The quarter played out as anticipated with gradual improvement in categories, particularly in North America retail, which saw a couple of percent increase driven by a mix of volume and pricing [5][6] - Food consumption at home increased, with food at home being four times less expensive than eating out, indicating a shift in consumer behavior towards value [6] Business Line Data and Key Metrics Changes - The company reported a slight uptick in food consumption at home, which is expected to continue benefiting the business [6] - Blue Buffalo's Life Protection Formula grew mid-single digits, indicating strong brand trust and product superiority [8] Market Data and Key Metrics Changes - The North America retail segment showed improvement, but there are still market share gains to be made, especially as the first quarter sales comp was the toughest of the year [11] - The company expects equal contributions from volume and price/mix throughout the year, with a focus on maintaining competitiveness [12][29] Company Strategy and Development Direction - The company is focusing on bolt-on acquisitions in the $1 billion to $2 billion range, aiming to enhance growth without pursuing larger acquisitions at this time [22][23] - There is an emphasis on improving competitiveness across all segments, with significant product news expected in the second quarter [11][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued improvement in competitiveness and sales as the year progresses, particularly in the second quarter [11][36] - The international business showed growth in Europe and Brazil, while challenges remain in China due to macroeconomic factors affecting shop traffic [44] Other Important Information - The company is increasing investments in media and brand support, particularly for seasonal initiatives in the second quarter [42] - There are expectations of stranded overhead from the yogurt divestiture, which will take about two years to address [38] Q&A Session Summary Question: Does the shift in at-home food consumption give more confidence in organic sales outlook? - Management noted that the macro environment played out as expected, with gradual improvement in categories and a slight uptick in food consumption at home [6] Question: Can you discuss the receptivity from consumers to couponing and promotional investments? - Management indicated that increased couponing has seen good returns, and consumers are looking for trusted brands, which has positively impacted sales [8] Question: Will the company hold market share across the North America retail segment? - Management expects to continue improving competitiveness and is optimistic about market share gains as the year progresses [11] Question: What is the outlook for price/mix in North America? - Management anticipates equal contributions from volume and price/mix, with a focus on rational pricing strategies [29] Question: How is the international segment performing, particularly in Brazil and China? - Brazil showed improved performance due to adjusted pricing, while challenges in China are primarily macroeconomic rather than execution-related [44] Question: What is the strategy regarding bolt-on acquisitions? - The company is focusing on smaller acquisitions that enhance existing businesses, with a strong balance sheet to support both acquisitions and share repurchases [22][23]

General Mills (GIS) reported $4.85 billion in revenue for the quarter ended August 2024, representing a year-over-year decline of 1.2%. EPS of $1.07 for the same period compares to $1.09 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $4.78 billion, representing a surprise of +1.42%. The company delivered an EPS surprise of +1.90%, with the consensus EPS estimate being $1.05.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Stre ...

General Mills (GIS) came out with quarterly earnings of $1.07 per share, beating the Zacks Consensus Estimate of $1.05 per share. This compares to earnings of $1.09 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 1.90%. A quarter ago, it was expected that this maker of Cheerios cereal, Yoplait yogurt and other packaged foods would post earnings of $0.99 per share when it actually produced earnings of $1.01, delivering a surpri ...

Exhibit 99 FOR IMMEDIATE RELEASE September 18, 2024 General Mills Reports Fiscal 2025 First-quarter Results • Net sales of $4.8 billion were down 1 percent; organic net sales also declined 1 percent • Operating profit of $832 million was down 11 percent; adjusted operating profit of $865 million was down 4 percent in constant currency • Diluted earnings per share (EPS) of $1.03 was down 10 percent; adjusted diluted EPS of $1.07 was down 2 percent in constant currency • Company reaffirms full-year fiscal 202 ...

Core Viewpoint - Analysts project General Mills (GIS) will report quarterly earnings of $1.05 per share, a decline of 3.7% year over year, with revenues expected to reach $4.78 billion, down 2.5% from the same quarter last year [1] Group 1: Earnings and Revenue Estimates - The consensus EPS estimate has been revised down by 0.1% over the last 30 days, indicating a collective reconsideration by analysts [1] - Analysts forecast 'Net Sales- North America Foodservice' to reach $547.87 million, reflecting a change of +2.2% from the year-ago quarter [2] - 'Net Sales- International' is estimated at $699.25 million, indicating a decline of -2.3% from the prior-year quarter [2] - 'Net Sales- Pet' is projected at $557.36 million, suggesting a decrease of -3.9% year over year [2] Group 2: Operating Profit Estimates - 'Net Sales- North America Retail' is expected to reach $2.97 billion, a decline of -3.3% from the prior-year quarter [3] - The consensus estimate for 'Operating Profit- North America Retail' is $754.49 million, down from $798.20 million in the same quarter last year [3] - 'Operating Profit- International' is projected at $36.30 million, compared to $50 million a year ago [3] - 'Operating Profit- Pet' is estimated at $109.91 million, slightly down from $111.20 million in the previous year [3] - 'Operating Profit- North America Foodservice' is expected to reach $65.54 million, up from $59.10 million reported in the same quarter last year [3] Group 3: Stock Performance - General Mills shares have increased by +6.2% in the past month, outperforming the Zacks S&P 500 composite's +4.9% [4] - With a Zacks Rank 3 (Hold), GIS is expected to closely follow overall market performance in the near term [4]

Core Viewpoint - General Mills (GIS) is anticipated to report a year-over-year decline in earnings due to lower revenues, with the earnings report expected on September 18, 2024 [1] Group 1: Earnings Expectations - The consensus estimate for General Mills' quarterly earnings is $1.05 per share, reflecting a year-over-year decrease of 3.7% [2] - Expected revenues for the quarter are $4.78 billion, down 2.5% from the same quarter last year [2] Group 2: Estimate Revisions - The consensus EPS estimate has been revised down by 0.06% over the last 30 days, indicating a reassessment by analysts [3] - A positive Earnings ESP of +1.92% suggests that analysts have recently become more optimistic about General Mills' earnings prospects [6][7] Group 3: Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive reading is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [5] - General Mills currently holds a Zacks Rank of 3, indicating a likelihood of beating the consensus EPS estimate [7] Group 4: Historical Performance - In the last reported quarter, General Mills exceeded the expected earnings of $0.99 per share by delivering $1.01, resulting in a surprise of +2.02% [8] - The company has beaten consensus EPS estimates in all of the last four quarters [8] Group 5: Conclusion - General Mills is viewed as a compelling candidate for an earnings beat, although other factors should also be considered before making investment decisions [9]

Company and Industry Overview * **Company**: General Mills, Inc. (NYSE:GIS) * **Industry**: Consumer Staples, specifically Cereals, Snacks, and Pet Food Long-Term Goals and Strategy * **Long-Term Sales Growth**: Aim for 2% to 3% organic net sales growth. * **Category Growth**: Expect categories to grow between 2% and 3%. * **Share Holding**: Confident in holding or gaining share in current categories. * **Key Drivers**: Leading brands, increased marketing spend, and improved capabilities in strategic revenue management, media, and online media. Industry Environment and Recovery * **Volume Recovery**: Recognize a more elongated volume recovery than initially expected. * **Fiscal '25 Outlook**: Consistent with gradual progress theme, expecting flat-to-up 1% organic sales growth and EPS between down 1% and up 1% year-over-year. * **Category Growth**: Categories returning to growth, with pounds up 1% in the last three months. * **Macroeconomic Factors**: Inflation expected at 3% to 4%, with over 50% coverage in commodities. * **Productivity**: Expect 4% to 5% productivity improvement. North America Retail * **Leadership**: Dana McNabb, Group President, North America Retail. * **Approach**: Focus on regaining household penetration, particularly with kids, through a remarkable total product offering. * **Key Initiatives**: Product innovation, advertising and communications, in-store execution, and strategic revenue management. * **Share Performance**: Improving in pound share in seven out of 10 biggest categories and in dollar share in six out of 10 categories. Cereal Business * **Category**: North America Cereal market is $9 billion in sales. * **Competitive Landscape**: More competition is seen as beneficial for the category. * **Focus**: Continue to focus on strong brand building and innovation. * **New Products**: Launched new products like double chocolate cookies, fruity cheerios, and Fiber One brownies. Pet Food * **Priority**: Return Blue Buffalo to growth after a reset year in fiscal '24. * **Performance**: Blue Buffalo is now more profitable than a year ago and starting to gain market share in dry dog food. * **Wilderness**: Losses cut in half and declining at 6% in the first quarter. * **Fresh Pet Food**: Testing fresh pet food with Blue Buffalo, with mixed results but potential for future opportunities. * **Edgard & Cooper**: Acquired for its premium pet food proposition and global expansion potential. International and Foodservice * **Foodservice**: Strong Foodservice business with distinct capabilities and sales and channel experience. * **International**: Mixed performance, with growth in Europe and Australia but challenges in China and Brazil. Capital Allocation and M&A * **M&A Strategy**: Focus on bolt-on acquisitions of $1 billion to $2 billion in sales, with a preference for areas like Pet, Snacking, and Foodservice. * **Priority**: Organic growth remains the number one priority. Conclusion General Mills is confident in its long-term growth prospects, focusing on category growth, share holding, and strategic investments in marketing and capabilities. The company is also actively managing its international and foodservice segments, while remaining cautious on M&A activity.

When a bear market occurs, it’s not impossible to find places to preserve or even grow wealth in the stock market. Some companies naturally have aspects of their business that allow them to perform well when it feels like all the market wants to do is fall. We’ll look at three stocks that have historically been able to do this.Specifically, these stocks outperformed the S&P 500’s return in 2008 and 2022, the two worst calendar year bear markets seen in recent history. In those years, the index’s total retur ...