General Mills Q3 Report 2023

General Mills Reports Fiscal 2023 Third-quarter Results

  • Net sales increased 13 percent from the prior year to $5.1 billion; organic net sales1 were up 16 percent
  • Operating profit declined 10 percent to $730 million; adjusted operating profit was up 20 percent in
    constant currency
  • Diluted earnings per share (EPS) of $0.92 was down 15 percent from the prior year; adjusted diluted EPS
    of $0.97 was up 17 percent in constant currency
  • Company raises full-year fiscal 2023 outlook

Third Quarter Results Summary

  • Net sales increased 13 percent to $5.1 billion, including a 2-point headwind from net divestiture and acquisition activity and 1 point of unfavorable foreign currency exchange. Organic net sales increased 16 percent, driven by positive organic net price realization and mix, with organic pound volume essentially matching year-ago levels.
  • Gross margin was up 160 basis points to 32.5 percent of net sales, driven by favorable net price realization and mix, partially offset by higher input costs and unfavorable mark-to-market effects. Adjusted gross margin was up 240 basis points to 33.8 percent of net sales, driven by favorable net price realization and mix and Holistic Margin Management (HMM) cost savings, partially offset by input cost inflation and higher other cost of goods sold.
  • Operating profit of $730 million was down 10 percent, reflecting higher selling, general, and administrative
    (SG&A) expenses and a lower net gain on divestitures, partially offset by higher gross profit dollars. Operating
    profit margin of 14.2 percent was down 380 basis points. Constant-currency adjusted operating profit
    increased 20 percent, driven by higher adjusted gross profit dollars, partially offset by higher adjusted SG&A
    expenses, including a double-digit increase in media investment. Adjusted operating profit margin increased 80 basis points to 15.7 percent.

 

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