BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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General Mills Fiscal 2024 Third-Quarter Earnings Highlight Resilience and Strategic Focus
MINNEAPOLIS, March 20, 2024 – General Mills, Inc. (NYSE: GIS) today unveiled its fiscal 2024 third-quarter results, showcasing the strength and agility of its business operations amid challenging market conditions. The report highlighted a slight decline in net sales but underscored significant growth in operating profit and earnings per share (EPS), reinforcing the company's strategic focus and operational excellence.
Key Highlights of Fiscal 2024 Third-Quarter Results:
- Net Sales: Reported at $5.1 billion, experiencing a marginal 1% decline from the previous year. Despite the dip, on a two-year compound growth basis, net sales saw a robust increase of 6%, with organic net sales climbing by 7%.
- Operating Profit: Showed a substantial rise of 25%, reaching $911 million, with an adjusted operating profit of $914 million marking a 14% increase in constant currency.
- Earnings Per Share (EPS): Diluted EPS surged by 27% to $1.17, while adjusted diluted EPS in constant currency witnessed a 22% uptick, also to $1.17.
- Full-Year Outlook: General Mills reaffirmed its fiscal 2024 outlook, indicating confidence in its strategic initiatives and operational execution.
Jeff Harmening, Chairman and Chief Executive Officer of General Mills, attributed the quarter's successes to the company's strategic focus on brand building, innovation, and in-store execution. The company's Accelerate strategy, focusing on creating competitive advantages through brand building, innovation, scale, and corporate responsibility, continues to drive sustainable, profitable growth and shareholder value.
Operational Highlights and Segment Performance:
- Gross Margin Improvement: Increased to 33.5% of net sales, driven by cost savings, favorable pricing, and mix adjustments.
- Segment Growth: The North America Retail segment remained stable, while the Pet segment displayed a 25% jump in operating profit, benefiting from cost savings and favorable pricing. The International segment faced challenges, primarily due to volume declines and higher input costs.
Outlook for Fiscal Year 2024:
General Mills' outlook for the remainder of fiscal 2024 is cautiously optimistic, with expectations of navigating through the evolving economic environment effectively. The company projects organic net sales to range between a 1% decline and flat growth. Adjusted operating profit and adjusted diluted EPS are anticipated to increase by 4 to 5 percent in constant currency, with free cash flow conversion expected to be at least 95% of adjusted after-tax earnings.
The fiscal 2024 third-quarter report from General Mills underscores the company's resilience in the face of market volatility and its commitment to driving long-term growth. With a strategic focus on its core business areas and operational efficiency, General Mills is well-positioned to continue delivering value to its stakeholders.
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