General Mills, Inc. (NYSE: GIS) began trading Tuesday in the red, on reporting results for its fiscal 2023 second quarter.
The cereal giant reported net sales increased 4% from the prior year to $5.2 billion; organic net sales were up 11%.
Operating profit of $800 million essentially matched year-ago levels; adjusted operating profit was up 7% in constant currency. Diluted earnings per share (EPS) of $1.01 increased 4% from the prior year; adjusted diluted EPS of $1.10 was up 12% in constant currency
“We continued to execute well and delivered strong top and bottom-line growth in the second quarter,” said General Mills CEO Jeff Harmening. “Amid ongoing volatility in the operating environment, we remain focused on driving our Accelerate strategy by investing in brand building and innovation, strengthening our capabilities, and continuing to reshape our portfolio. With strong first-half results and positive momentum on our business, we are increasing our full-year outlook for organic net sales, adjusted operating profit, and adjusted diluted EPS growth.”
General Mills is executing its Accelerate strategy to drive sustainable, profitable growth and top-tier shareholder returns over the long term. The strategy focuses on four pillars to create competitive advantages and win: boldly building brands, relentlessly innovating, unleashing scale, and standing for good. The company is prioritizing its core markets, global platforms, and local gem brands that have the best prospects for profitable growth and is committed to reshaping its portfolio with strategic acquisitions and divestitures to further enhance its growth profile.
GIS shares opened Tuesday down $4.22, or 4.8%, to $82.91.
