General Mills, Inc. (NYSE: GIS) today reported results for the third quarter.
Net sales of $4.2 billion were flat to last year; organic net sales were also flat. Through nine months, net sales were down 1% and organic net sales were flat to last year.
Operating profit of $651 million essentially matched year-ago results; constant-currency adjusted operating profit was down 8%, including a strong increase in media investment. Through nine months, operating profit was up 18% and constant-currency adjusted operating profit increased 2%.
Diluted earnings per share (EPS) of $0.74 were flat to last year; adjusted diluted EPS of $0.77 were down 6% in constant currency.
Through nine months, diluted EPS were up 30% and constant-currency adjusted diluted EPS increased 5%.
Said CEO Jeff Harmening, "We began fiscal 2020 with three key priorities: accelerate our organic sales growth, maintain our strong margins, and reduce our leverage.
"Our focus and execution in a dynamic environment this year have kept us on track to achieve those goals. Our third-quarter results were broadly in line with our expectations, except for the negative impact in Asia of the COVID-19 virus outbreak.
"General Mills plays a critical role in making food to meet the needs of our consumers, and I’m proud of the way we’ve partnered with our retail customers in recent weeks to service consumers’ increased demand for food at home during this unique time."
Shares edged up one cent to $59.68.
