Financial Performance - Net sales for the second quarter were $5.2 billion, an increase of 2 percent, with organic net sales up 1 percent[2]. - Operating profit reached $1.1 billion, up 33 percent, while adjusted operating profit increased 7 percent in constant currency[2]. - Diluted earnings per share (EPS) rose to $1.42, a 39 percent increase, with adjusted diluted EPS at $1.40, up 12 percent in constant currency[2]. - Gross margin improved by 250 basis points to 36.9 percent of net sales, driven by Holistic Margin Management (HMM) cost savings[7]. - Cash provided by operating activities totaled $1.8 billion through six months, up 19 percent from the previous year[27]. - Net earnings attributable to General Mills rose by 34% to $795.7 million in Q1 FY2025 compared to $595.5 million in Q2 FY2024[37]. - Basic earnings per share (EPS) for the quarter ended November 24, 2024, increased to $1.43 from $1.03 in the prior year, reflecting a growth of 38.83%[50]. - Diluted EPS for the same quarter rose to $1.42 from $1.02, marking an increase of 39.22%[50]. - Net earnings for the six-month period ended November 24, 2024, increased to $1,385.9 million from $1,282.6 million in the prior year, representing an 8.06% growth[47]. Segment Performance - North America Pet segment net sales increased 5 percent to $596 million, with segment operating profit up 36 percent to $139 million[17]. - North America Foodservice segment net sales grew 8 percent to $630 million, with operating profit increasing 24 percent to $118 million[19]. - International segment net sales rose 1 percent to $691 million, including a 4-point benefit from the Edgard & Cooper acquisition[21]. - North America Pet segment saw a 5% increase in net sales, reaching $595.8 million compared to $569.3 million in the prior year[41]. - Operating profit for the North America Pet segment increased by 36% to $139.3 million, up from $102.5 million year-over-year[41]. - North America Foodservice segment net sales increased by 8% to $630.0 million from $582.0 million year-over-year[41]. Outlook and Projections - The company updated its full-year fiscal 2025 outlook to reflect increased investment for improved volume and market share trends[2]. - For fiscal 2025, organic net sales are expected to range between flat and up 1%, with a focus on the lower end of the range due to increased promotional investment[29]. - Adjusted operating profit is now projected to decline between 4% and 2% in constant currency, a revision from the previous range of down 2% to flat[29]. - Adjusted diluted EPS is expected to decline between 3% and 1% in constant currency, compared to the prior range of down 1% to up 1%[29]. - Free cash flow conversion is anticipated to be at least 95% of adjusted after-tax earnings[29]. Cash Flow and Investments - Cash and cash equivalents increased significantly to $2,292.8 million from $593.8 million year-over-year[44]. - The company reported a net cash used by investing activities of $305.9 million, a slight improvement from $316.2 million in the prior year[47]. - The company entered into a definitive agreement to acquire NX Pet Holding, Inc. for approximately $1 billion, expected to close in the third quarter of fiscal 2025[49]. - The company plans to divest its North American yogurt businesses for approximately $2 billion, with expected closure in calendar year 2025[49]. Tax and Expenses - The effective tax rate for Q2 fiscal 2025 was 20.1%, up from 19.0% in Q2 fiscal 2024, primarily due to nonrecurring tax benefits in the prior year[6]. - The effective tax rate for the six-month period ended November 24, 2024, was 20.9%, compared to 20.0% for the same period in the previous year, reflecting a 0.9 percentage point increase[6]. - Unallocated corporate expenses decreased to $65 million in the second quarter of fiscal 2025 from $157 million in the same period last year, a reduction of 58.54%[50]. Adjusted Metrics - Adjusted operating profit growth on a constant-currency basis for the six-month period ended November 24, 2024, was $1,909.4 million, a 10% increase from $1,741.8 million in the same period last year[64]. - Adjusted diluted EPS for Q2 fiscal 2025 was $1.40, a 12% increase from $1.25 in Q2 fiscal 2024[66]. - The adjusted effective income tax rate was impacted by various items affecting comparability, with reconciliations provided for transparency[67]. - The company emphasizes the importance of adjusted earnings comparisons as a percent of net sales for assessing performance on a year-to-year basis[68].

In its upcoming report, General Mills (GIS) is predicted by Wall Street analysts to post quarterly earnings of $1.22 per share, reflecting a decline of 2.4% compared to the same period last year. Revenues are forecasted to be $5.16 billion, representing a year-over-year increase of 0.5%.The consensus EPS estimate for the quarter has been revised 0.3% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates durin ...

The market expects General Mills (GIS) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended November 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be releas ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ________________ (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED AUGUST 25, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission file number: 001-01185 ________________ GENERAL MILLS, INC. (Exact name of registrant as specified in its charter) Delaware 41-02 ...

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 ...