earnings
confidence high
sentiment negative
materiality 0.75
General Mills Q2 net sales +6% to $5.0B; EPS down 13% to $0.97; guides FY organic sales +4-5%
GENERAL MILLS INC
2022-Q2 EPS reported
$1.99
revenue$9,563,900,000
- Gross margin down 400 bps to 32.5%; adjusted gross margin down 330 bps to 32.2% on inflation and supply chain costs.
- Pet segment net sales +29% (organic +14%); operating profit +10% on volume growth and price/mix.
- Updated FY2022: organic net sales +4-5% (prior: -1 to -3%); adjusted operating profit -1 to -4%; adjusted EPS -2% to +1%.
- Completed European Yoplait sale to Sodiaal on Nov 30; announced European dough sale to Cérélia, closing expected by end FY2022.
- COGS headwinds $500M higher than originally expected; input cost inflation 8-9% for the full year.