UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDEDMAY 26, 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 41-0274440 (State or othe ...

Pre-market futures started out mixed, but have now sunk into the red. The Dow looks to open down -115 points at this hour, with the Nasdaq -45 and the S&P 500 -14 points a half-hour in front of today’s opening bell. As it happens, we’re limping toward the end of calendar Q2 on seasonally low volume and with nearly all the important economic data points for the month already having been released.This changes Friday, of course. That’s when we see Personal Consumption Expenditures (PCE) for May hit the tape. T ...

Financial Data and Key Metrics Changes - Organic sales in the International segment decreased by 10% in Q4, with over half of this decline attributed to a reclassification from net sales to cost-of-goods-sold [8][30] - The company expects Q1 results to trend below the rest of the year due to higher investment levels aimed at improving volume [10][12] - The company anticipates modest gross margin expansion for the full year despite increased investments [12][13] Business Line Data and Key Metrics Changes - The Pet segment maintained mid-20s margins despite volume declines, with expectations for continued strong margins while focusing on improving top-line performance [35][36] - The Baking segment, which performed well during COVID, is experiencing a decline, but the company expects to stabilize and grow this segment through improved marketing and product offerings [45][46] Market Data and Key Metrics Changes - The company noted challenges in Brazil and China, with expectations for volume improvement in these regions as the year progresses [24][30] - The North America retail segment is expected to face tough comparisons in Q1 due to strong performance in the previous year [22][30] Company Strategy and Development Direction - The company is focused on improving volume results through reinvestment and optimizing price points, with a significant increase in coupon spending planned [11][12] - The strategy includes enhancing brand communication and product innovation to drive competitiveness and value for consumers [11][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing market volatility and uncertainty but expressed confidence in the company's ability to improve volume performance across segments [17][19] - The company is committed to leveraging its marketing and product innovation to enhance brand value and drive growth [19][48] Other Important Information - The company has prioritized M&A over share repurchase in its capital allocation strategy, focusing on opportunities that align with strategic priorities [31][32] - The company plans to maintain a strong focus on driving growth in the Pet Specialty segment, particularly through the Wilderness brand [42][46] Q&A Session Summary Question: Dynamics in International segment - Management explained that the decline in International sales was primarily due to market conditions in Brazil and China, with a reclassification impacting results [8] Question: Guidance for fiscal '25 - Management indicated that they believe they have provided sufficient guidance without being overly conservative, expecting improved volume performance [17] Question: Contribution of price and volume - Management expects a roughly equal contribution from price and volume across segments, with gradual improvement anticipated throughout the year [22] Question: Profitability in the Pet segment - Management confirmed that while margins are strong, the focus will be on improving volume trends moving forward [35] Question: Consumer behavior in the Baking segment - Management noted that at-home eating occasions remain high, and they expect to stabilize and grow the Baking segment through effective marketing [45] Question: Premiumization vs. volume - Management clarified that they do not see a trade-off between volume growth and premiumization, emphasizing the importance of both strategies [48]

General Mills, Inc. (GIS) posted soft fourth-quarter fiscal 2024 results, as both the top and bottom lines declined year over year, and revenues missed the Zacks Consensus Estimate. Results were hurt by the adverse net price realization and mix.However, the company saw better volume performance in the second half of the fiscal and realized top-tier Holistic Margin Management (“HMM”) cost savings, enabling it to maintain brand investments while fulfilling profit and cash goals. In fiscal 2025, General Mills ...

Core Insights - General Mills reported revenue of $4.71 billion for the quarter ended May 2024, a decrease of 6.3% year-over-year, and EPS of $1.01, down from $1.12 in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate of $4.87 billion by 3.27%, while the EPS exceeded the consensus estimate of $0.99 by 2.02% [1] Revenue Performance - North America Foodservice net sales were $589 million, surpassing the average estimate of $571.48 million, reflecting a year-over-year increase of 4.4% [2] - International net sales were $667.50 million, below the average estimate of $740.33 million, showing a decline of 10.4% year-over-year [2] - Pet segment net sales reached $602.10 million, falling short of the average estimate of $625.14 million, representing an 8.1% decrease year-over-year [2] - North America Retail net sales totaled $2.85 billion, below the average estimate of $2.94 billion, marking a 6.9% decline year-over-year [2] Operating Profit Analysis - North America Retail operating profit was $670.10 million, compared to the average estimate of $689.78 million [2] - International operating profit was $22.40 million, significantly lower than the average estimate of $64.26 million [2] - Pet operating profit reached $143.90 million, exceeding the average estimate of $125.04 million [2] - North America Foodservice operating profit was $79.20 million, slightly above the average estimate of $75.65 million [2] Stock Performance - General Mills shares have returned +0.9% over the past month, compared to a +3.2% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Exhibit 99 FOR IMMEDIATE RELEASE June 26, 2024 General Mills Reports Fiscal 2024 Fourth-quarter and Full-year Results and Provides Fiscal 2025 Outlook General Mills Board of Directors Declares Dividend Increase Full Year Highlights • Net sales of $19.9 billion decreased 1 percent from the prior year; organic net sales1 were 1 percent below year-ago results that grew double digits • Operating profit of $3.4 billion essentially matched year-ago results; adjusted operating profit of $3.6 billion was up 4 perce ...

General Mills, Inc. (GIS) is likely to register a top and bottom-line decline when it reports fourth-quarter fiscal 2024 earnings on Jun 26. The Zacks Consensus Estimate for revenues is pegged at $4.87 billion, which indicates a 3.1% decrease from the year-ago period.The consensus mark for quarterly earnings has declined by a penny in the past 30 days to 99 cents per share. This indicates a drop of 11.6% from the year-ago quarter’s reported figure. However, GIS has a trailing four-quarter earnings surprise ...

Wall Street analysts expect General Mills (GIS) to post quarterly earnings of $0.99 per share in its upcoming report, which indicates a year-over-year decline of 11.6%. Revenues are expected to be $4.87 billion, down 3.1% from the year-ago quarter.The current level reflects a downward revision of 1.2% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.Before a comp ...

The market expects General Mills (GIS) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended May 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 released on ...

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? General Mills (GIS) , which belongs to the Zacks Food - Miscellaneous industry, could be a great candidate to consider.This maker of Cheerios cereal, Yoplait yogurt and other packaged foods has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past tw ...