General Mills Half-Year Report 2024
General Mills, Inc. reported results for its fiscal 2024 second quarter.
“While we saw a slower-than-expected volume recovery in the second quarter amid a continued challenging consumer landscape, we generated bottom-line growth thanks primarily to strong HMM cost savings,” said General Mills Chairman and Chief Executive Officer Jeff Harmening. “We’re adapting our plans to the evolving consumer environment and staying focused on driving long-term growth, with a priority on winning through innovation, brand building, and in-store execution. At the same time, we’re stepping up our HMM performance and further eliminating disruption-related costs in the supply chain. For the full year, we’ve revised our topline outlook to account for a slower volume recovery, narrowed our profit and EPS expectations within our original guidance ranges, and maintained our outlook for strong free cash flow conversion.”
Highlights
- Net sales of $5.1 billion were down 2 percent in the second quarter and organic net sales1 were also down 2 percent; on a 2-year compound growth basis, net sales were up 1 percent and organic net sales were up 4 percent
- Operating profit of $812 million was up 2 percent; adjusted operating profit of $989 million increased 13 percent in constant currency
- Diluted earnings per share (EPS) of $1.02 was up 1 percent; adjusted diluted EPS of $1.25 increased 14 percent in constant currency
- Company updates full-year fiscal 2024 outlook to reflect expectations for slower volume recovery and greater Holistic Margin Management (HMM) cost savings
