General Mills reaffirms fiscal 2027 outlook after first-quarter results
Quarterly earnings per share came in at $0.75 on revenue of $4.39 billion
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General Mills reported first-quarter earnings per share of $0.75 on revenue of $4.39 billion.
Chairman and CEO Jeff Harmening said stronger product innovation and renovation improved topline performance, and that cost savings from the company's Holistic Margin Management and Transformation programs support confidence in meeting fiscal 2027 guidance.
The company reaffirmed its full-year targets. It still expects organic net sales of down 1.5% to up 0.5%, adjusted operating profit down 8% to 13% in constant currency, and adjusted diluted earnings per share of $3.00 to $3.20. General Mills also kept its free cash flow conversion outlook at approximately 95% of adjusted after-tax earnings, and expects restructuring, transformation and related transaction costs of approximately $80 million to $85 million for the year.
With every major target left unchanged, including a profit decline of 8% to 13% for the year, the quarter reads as management confirming the year is tracking to plan. The print does not make the investment case stronger or weaker than it was before the results.