GIS - General Mills beats Q3 expectation raises FY2023 outlook

2023-03-23 07:03:16 ET

• General Mills press release ( NYSE: GIS ): Q3 Non-GAAP EPS of $0.97 beats by $0.05 .
• Revenue of $5.13B (+13.0% Y/Y) beats by $160M .
• CEO comment: "With strong year-to-date performance and good visibility to the fourth quarter, we are once again raising our fiscal 2023 outlook for our key financial measures.”
• FY2023 Outlook : Organic net sales are now expected to increase 10 to 11 percent, compared to the previous expectation of approximately 10 percent growth; Adjusted operating profit is now expected to increase 7 to 8 percent in constant currency, compared to the previous range of up 6 to 7 percent; Adjusted diluted EPS is now expected to increase 8 to 9 percent in constant currency, compared to the previous range of up 7 to 8 percent; Free cash flow conversion is still expected to be at least 90 percent of adjusted after-tax earnings.

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