General Mills: cuts annual forecasts
(CercleFinance.com) - On its quarterly earnings call on Wednesday, General Mills lowered its targets for FY 2024/2025, notably citing current economic uncertainties.
The US food group now expects its adjusted OP to fall by 2%-to-4% at constant exchange rates for the current financial year, to end-May 2025.
The owner of the Häagen-Dazs brand, amongst others, previously forecast a lesser decline in OP at constant exchange rates (0% to -2%).
General Mills, which recently acquired the Whitebridge animal feed brands in North America, justifies this downward revision by the need to carry out its current investments in order to ensure profitable growth.
In Q2, closed at end-November, sales rose by 2% to $5.2bn, with organic growth of 1%.
Adjusted operating profit rose by 7% at constant exchange rates, to $1.1bn.
The stock was down over 4% in pmt on the New York Stock Exchange on Wednesday morning following these announcements.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The US food group now expects its adjusted OP to fall by 2%-to-4% at constant exchange rates for the current financial year, to end-May 2025.
The owner of the Häagen-Dazs brand, amongst others, previously forecast a lesser decline in OP at constant exchange rates (0% to -2%).
General Mills, which recently acquired the Whitebridge animal feed brands in North America, justifies this downward revision by the need to carry out its current investments in order to ensure profitable growth.
In Q2, closed at end-November, sales rose by 2% to $5.2bn, with organic growth of 1%.
Adjusted operating profit rose by 7% at constant exchange rates, to $1.1bn.
The stock was down over 4% in pmt on the New York Stock Exchange on Wednesday morning following these announcements.
Copyright (c) 2024 CercleFinance.com. All rights reserved.