General Mills (NYSE:GIS) dropped Wednesday, following mixed fiscal fourth-quarter results. The Betty Crocker and Cheerios owner beat Wall Street expectations on earnings, reporting $1.12 in adjusted earnings per share against a Refinitiv consensus estimate of $1.07 per share. But General Mills missed on revenue, posting $5.03 billion while analysts forecasted $5.17 billion.
Operating profit of $818 million was down 19%; adjusted operating profit of $889 million effectively matched year-ago levels in constant currency. Diluted EPS of $1.03 was down 24%; adjusted diluted EPS of $1.12 increased 1% in constant currency
“We delivered excellent results in fiscal 2023, including generating double-digit growth in organic net sales and constant-currency adjusted diluted EPS and exceeding $20 billion in annual net sales for the first time in our company’s history,” said CEO Jeff Harmening. “Led by our Accelerate strategy, our team successfully navigated a highly dynamic operating environment with agility, focus, and resilience.”
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 fell $3.90, or 4.8%, to $77.00.
