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General Mills Reports Mixed Fiscal 2024 Results, Provides 2025 Outlook
Minneapolis, June 26, 2024 — General Mills, Inc. (NYSE: GIS) today announced its fiscal 2024 fourth-quarter and full-year results, alongside its outlook for fiscal 2025. Despite facing a challenging operating environment, the company managed to deliver on its updated guidance, with highlights and a strategic focus on accelerating growth in the coming year.
Fiscal 2024 Full Year Highlights
- Net Sales: $19.9 billion, a 1% decrease from the prior year; organic net sales were 1% below year-ago results.
- Operating Profit: $3.4 billion, matching last year's results; adjusted operating profit of $3.6 billion was up 4% in constant currency.
- Diluted EPS: $4.31, stable compared to last year; adjusted diluted EPS of $4.52, up 6% in constant currency.
Fourth Quarter Highlights
- Net Sales: $4.7 billion, down 6%; organic net sales also decreased by 6%.
- Operating Profit: $779 million, down 5%; adjusted operating profit of $800 million, down 10% in constant currency.
- Diluted EPS: $0.98, a 5% decline; adjusted diluted EPS of $1.01, down 10% in constant currency.
Jeff Harmening, Chairman and CEO of General Mills, commented, “We delivered on our updated guidance in fiscal 2024 by pivoting our plans and enhancing our efficiency in response to a more challenging operating environment. As we move into fiscal 2025, our top priority is to accelerate our organic net sales growth and specifically our volume growth.”
Fiscal 2025 Outlook
General Mills outlined its financial targets for fiscal 2025, amid a continued uncertain macroeconomic backdrop:
- Organic Net Sales: Expected to range between flat and up 1%.
- Adjusted Operating Profit: Expected to range between down 2% and flat in constant currency from the base of $3.6 billion in fiscal 2024.
- Adjusted Diluted EPS: Expected to range between down 1% and up 1% in constant currency from the base of $4.52 in fiscal 2024.
- Free Cash Flow Conversion: Expected to be at least 95% of adjusted after-tax earnings.
Business Strategy
General Mills remains committed to its Accelerate strategy, focusing on four key pillars: boldly building brands, relentlessly innovating, unleashing scale, and standing for good. The company plans to drive another year of strong Holistic Margin Management (HMM) cost savings, allowing for reinvestment in growth initiatives that meet evolving consumer needs.
Dividend Increase
The General Mills Board of Directors declared a quarterly dividend of $0.60 per share, payable August 1, 2024, to shareholders of record on July 10, 2024. This represents a 2% increase from the previous quarterly rate.
Market Performance
Despite the solid financial performance, General Mills' stock faced challenges during the fiscal year. The company's focus remains on delivering remarkable consumer experiences and driving strong market share trends in fiscal 2025.
(Source: GIS)
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