General Mills: reduces targets for 2023-24
(CercleFinance.com) - On its quarterly earnings call, General Mills has
announced that it has reduced its annual guidance, now expecting only 4% to 5% growth in adjusted EPS and operating profit (at constant exchange rates), compared with a previous range of 4% to 6%.
The food group estimates that its organic sales should now fall by 1% or stagnate, compared with growth of 3% to 4% previously estimated, 'reflecting a slower recovery in volumes in FY 2023-24'.
It reported Q2 adjusted EPS of $1.25 and adjusted operating profit of $989m, up respectively 14% and 13% at constant exchange rates, on revenues of $5.1bn, down 2% organically.
Copyright (c) 2023 CercleFinance.com. All rights reserved.