GIS - General Mills raises guidance ahead of CAGNY presentation

General Mills ( NYSE: GIS ) updated guidance ahead of the food giant's appearance at the Consumer Analyst Group of New York conference on Tuesday.

General Mills ( GIS ) now expects organic sales growth of approximately 10% vs. +8.7% consensus, adjusted operating profit growth of 6% to 7% in constant currency, adjusted diluted EPS growth of 7% to 8% in constant currency vs. +4% to +6% prior guidance, and free cash flow conversion of at least 90% of adjusted after-tax earnings.

Looking ahead, General Mills ( GIS ) said it expects to continues to  to deliver top-tier shareholder returns over the long-term by generating a consistent balance of net sales growth, margin expansion, cash conversion, and cash return to shareholders. Total returns to General Mills shareholders are noted to have grown at a 20% compound rate over the past 3 years and at a double-digit compound rate over the past 5, 10, and 20 years, and have exceeded the company’s CPG peer median returns over each of those timeframes.

General Mills ( GIS ) said it is well-positioned to continue driving profitable growth and top-tier returns for its shareholders in the years to come.

Shares of GIS rose 0.70% premarket to $77.41 vs. the 52-week trading range of $61.67 to $88.34.

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