General Mills: cuts annual targets

(CercleFinance.com) - On its quarterly earnings call, General Mills reduced its annual targets: it now expects a fall in adjusted EPS and adjusted operating profit (between 7% and 8% at constant exchange rates - instead of 2% to 4% previously).


This reduction reflects lower sales assumptions, with the food group now expecting organic growth to fall by between 1.5% and 2%, compared with its previous expectation of the lower end of a range from flat to up 1%.

For Q3 2024-25, the operator of brands such as Green Giant, Cheerios and Häagen-Dazs posted adjusted EPS of just $1 and adjusted operating profit of $801m, down 15% and 13% respectively at constant exchange rates.

Sales fell by 5% on an organic basis to $4.8bn, with headwinds from distributor inventory reductions weighing about 4%, along with the expected reversal of certain favourable timing effects in Q2.

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