General Mills: annual targets lowered

(CercleFinance.com) - On the occasion of the publication of its quarterly results, General Mills announced a lowering of its annual targets: it now expects adjusted EPS and adjusted operating profit down by 7 to 8% at constant exchange rates (instead of down by 2 to 4%).


This reduction reflects lower revenue assumptions, as the food group now expects an organic decline of 1.5% to 2%, whereas it previously anticipated 'the lower end of a range that went from stability to an increase of 1%'.

For its third quarter 2024-25, the operator of brands such as Green Giant, Cheerios and Häagen-Dazs posted adjusted EPS of just one dollar and adjusted operating profit of 801 million, down by 15% and 13% respectively at constant exchange rates.

At $4.8 billion, revenues were down 5% on an organic basis, 'burdened to the tune of around four points by headwinds related to inventory reductions at distributors and the expected reversal of certain favorable second-quarter timing effects'.

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